Weekly Outlook on CNX IT and its main components (July 20,2015 - July 24,2015)

DATE: 17/07/2015

WEEKLY OUTLOOK FOR

CNX IT AND

ITS MAIN COMPONENTS

(20/07/2015 - 24/07/2015)

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Jagrut Shah Darpan Shah

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CNX IT index closed the week on positive note gaining more than 4%.

As we have mentioned last week that the index has broken down from the large Head &

Shoulder pattern for which the targets can be in the range of 9000 levels. On 13/07/2015 the

index managed to close above the levels of 10900 i.e. neckline of Head & Shoulder pattern

and the index virtually negate the major breakdown pattern.

During the week the index also managed to close above the downward sloping trend-line

positioned around the levels of 11100.

If the index manages to close above the levels of 11200 the index will breakout of the triangle

pattern and targets for the same can be in the range of 12000 in 3 to 4 months time frame.

Support for the index lies around the levels of 10900 where trend-line is positioned.

Resistance for the index lies in the range of 11500 where 200 Daily SMA is lying.

Broad range for the index in the coming week is seen from 10900 on downside to 11500 on

upside.

CNX IT


INFY closed the week on positive note gaining around 7%.

As we have mentioned last week that the stock has broken down from the Head & Shoulder

pattern and the targets for the same can be in the range of 750 to 800. On 14/07/2015 stock

managed to close above the levels of 940 i.e. Neckline of Head & Shoulder pattern.

During the week stock also managed to close above the levels of 980 where upward sloping

trend-line is positioned.

As seen from the chart if the stock manages to close above the levels of 1010 the stock can

move to the levels of 1030 to 1040.

1000 to 1010 is the stiff resistance zone for the stock as 100 Daily EMA and 200 Daily EMA

are positioned around this levels.

Support for the stock lies in the zone of 950 to 960 where short term moving averages and

trend-line support are positioned.

Broad range for the stock in the coming week is seen between 950 to 960 on downside to

1030 to 1040 on upside.

INFY


TCS closed the week on positive note gaining around 4%.

As we have mentioned last week that the stock has the strong support in the range of 2450,

the stock bounced back during the week and close at virtually high point of the week.

During the week the stock also managed to cross over the declining trend-line resistance

around the levels of 2530.

The stock has closed around the stiff resistance zone of 2550 to 2570 levels. If the stock

manages to close above this resistance zone the stock can move to the levels of 2650.

Support for the stock lies in the range of 2480 to 2500 where short term moving averages

are positioned.

Resistance for the stock lies in the range of 2550 to 2570 levels where downward sloping

trend-line are positioned and 100 Daily SMA are lying.



TCS


HCL Tech closed the week on positive note gaining around 3%.

This week also the stock hit a high of 973 and retraced to the levels of 955. Since last 2 weeks

the stock has been trying to take out the resistance zone of 970 to 980 but all the attempts

are failing.

If the stock manages to cross over the resistance zone of 970 to 980 the stock can move to

the levels of 1000 to 1020 where upward sloping trend-line is positioned.

Support for the stock lies in the range of 930 to 940 where short term moving averages are

positioned.



HCL TECH


Wipro closed the week on positive note gaining more than 3%.

As we have mentioned last week that the stock has formed a Inverted Hammer pattern on

weekly charts in a downtrend indicating the trend reversal. The stock started the week on

the positive note and gained more than 5% during the week but sold off on 17/07/2015

from the stiff resistance zone of 580 levels.

The stock has formed a Evening Star pattern on Daily chart indicating the end of the uptrend

in the stock.

The stock has to close above the stiff resistance zone of 580 where 100 and 200 Daily SMA

are lying to negate this pattern.

Support for the stock is seen in the zone of 550 to 560 where short term moving averages are

positioned.

Resistance for the stock lies in the range of 570 to 580 where long term moving averages and

trend-line resistances are lying.



W IPRO


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mentioned. No representations can be made that the recommendations contained herein will be profitable or

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Weekly Outlook on CNX IT and its main components (July 20,2015 - July 24,2015)

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Transcript of Weekly Outlook on CNX IT and its main components (July 20,2015 - July 24,2015)