Weekly Outlook For CNX IT and its major components (June 22, 2015 - June 26, 2015)

DATE: 19/06/2015

WEEKLY OUTLOOK FOR CNX IT AND

ITS MAJOR COMPONENTS

(22/06/2015 - 26/06/2015)

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CNX IT index closed the week on positive note gaining around 2%. This week also the index has taken the support around the levels of 10900 and bounced back. On daily chart the index has made a double bottom around the levels of 10900. As seen from the chart the index will face resistance around the levels of 11500 where down-ward sloping trend-line is lying. We are cautious on the index as the index lost around 130 points from the highs on 19/06/2015 in last 30 mins. For the coming week if the index sustains above the levels of 11350 then only we may see the index moving upwards. Broad range for the index in the coming week is seen from 11000 on downside to 11500 on upside.

CNX IT


INFY closed the week on positive note gaining around 3%. The stock is ex-bonus this week. As seen from the chart the stock is facing resistance around the downward sloping trend-line and also 200 Daily SMA which is lying in the range of 1020. The stock is taking support around the upward sloping trend-line positioned around the lev-els of 970. For the coming week we expect the stock to consolidate in the range of 970 to 1020 levels. A break above the levels of 1020 can take the stock to the levels of 1050 where trend-line resistances are lying. Broad range for the stock in the coming week is seen between 950 to 970 on downside to 1020 to 1040 on upside.

INFY


TCS closed the week on positive note gaining around 2%. The stock gained some ground this week after the stock plunged around 3% on 12/06/2015 when visa issues broke out. The stock is entering into the strong resistance zone of downward sloping trend-line and me-dium and long term moving averages. As seen from the chart the stock is facing resistance around the levels of 2550 where down-ward sloping trend-line and 20 & 50 Daily EMA are lying. The stock can also face stiff resistance in the range of 2570 where 100 & 200 Daily SMA is lying. Support for the stock lies in the range of 2500 where upward sloping channel is lying and around 2530 where short term moving averages are placed. Broad range for the stock in the coming week is seen between 2475 to 2500 on downside to 2570 to 2600 on upside.

TCS


HCL Tech closed the week on positive note gaining around 2%. After continuous decline for 2 weeks in the row the stock was able to end the week in green up about 2%. The stock has formed a Gravestone doji in uptrend on 19/06/2015 on daily charts. The stock is continuously taking support around the levels of 880 where 200 Daily SMA and trend-line is lying. For the coming week the stock has to sustain over the levels of 937 to negate the Gravestone doji pattern. Above 940 levels the stock can move to the levels of 955 where 100 Daily SMA is lying. Support for the stock lies in the range of 900 levels. Broad range for the stock in the coming week is seen between 880 to 900 on downside to 940 to 960 on upside.

HCL TECH


Wipro closed the week on positive note gaining around 5%. In last 30 mins on 19/06/2015 the stock sold off close to 2.5%. Also the stock has corrected from the top of the channel pattern. The stock has formed a Bullish engulfing pattern on the weekly charts. The stock has to sustain over 568 levels for the uptrend to continue. Support for the stock lies in the range of 540 to 550. Broad range for the stock in the coming week is seen between 530 to 540 on downside to 570 to 580 on upside.

WIPRO


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Weekly Outlook For CNX IT and its major components (June 22, 2015 - June 26, 2015)

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Transcript of Weekly Outlook For CNX IT and its major components (June 22, 2015 - June 26, 2015)