Weekly Outlook on CNX IT and its main components (August 17,2015 to August 21,2015)

DATE: 14/08/2015
WEEKLY OUTLOOK FOR
CNX IT AND
ITS MAIN COMPONENTS
(17/08/2015 - 21/08/2015)
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Jagrut Shah Darpan Shah
Sr. Research Analyst Head - Research
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CNX IT index closed the week on positive note gaining around 4%.
As we have mentioned last week that if the index manages to close above the levels of 11800
the index can move to the levels of 12800 to 13000 in 1 to 2 months time frame and the in-
dex has hit a high of 12129 during the week.
As we have mentioned last week that the index has formed a Bullish engulfing pattern on
monthly charts. If the index manages to close above the levels of 11800 the index will break-
out of the 3 months consolidation, and the index can move to the levels of 12800 within 1 to
2 months time frame.
Support for the index lies around the zone of 11600 to 11800 from where the index has bro-
ken out and also the long term moving averages are positioned.
Resistance for the index lies in the zone of 12400 to 12500.
Broad range for the index in the coming week is seen from 11600 on downside to 12400 on
upside.
CNX IT

INFY closed the week on positive note gaining around 5%.
As we have mentioned last week that if the stock manages to close above the levels of 1080,
the stock can move to the levels of 1120 and the stock hit a high of 1175 before closing the
week around the levels of 1149.
The stock has formed a Bearish engulfing pattern on daily charts indicating the pause in the
uptrend.
Support for the stock lies in the range of 1100 to 1120 from where the stock has broken out
and also short term moving averages are positioned around the levels of 1100.
Resistance for the stock lies in the zone of 1175 to 1200 levels above which the stock can
move to the levels of 1250
Broad range for the stock in the coming week is seen between 1080 to 1120 on downside to
1200 to 1220 on upside.
INFY

TCS closed the week on positive note gaining around 6%.
The stock has broken out of the consolidation phase ranging from 2450 to 2650 and has hit a
high of 2720 levels.
Above the levels of 2720 the stock can move to the levels of 2750 to 2800 where upward
moving channel and the trend-line joining the highs are positioned.
The targets for the break-out also lies in the range of 2800 to 2850.
Support for the stock lies in the zone of 2600 to 2650 from where the stock broke out.
Resistance for the stock lies in the zone of 2800 to 2850.
TCS

HCL Tech closed the week on positive note gaining around 3.5%.
On daily charts the stock has formed a Bullish Harami pattern and if the stock manages to
close above the levels of 984 the stock can move to the levels of 1000 and 1020 where trend-
line joining high is positioned.
The stock has formed a Morning star pattern on weekly charts indicating the trend reversal
in the downtrend.
The stock has formed a Bullish engulfing pattern on monthly charts. If the stock manages to
close above the levels of 1005 the stock can move to the levels of 1040.
Support for the stock lies in the range of 950 to 960 where short term moving averages and
100 Daily SMA is lying.
HCL TECH

Wipro closed the week on positive note gaining around 1%.
The stock has been moving in the range of 555 on downside where 500 Daily SMA is posi-
tioned and 580 on upside where 200 Daily SMA is positioned. A breakout on either side can
take the stock further 5% to 6% in that direction.
Above the levels of 582 the stock can move to the levels of 610 where upward moving chan-
nel is lying.
The stock has formed a Bullish Harami pattern on daily charts indicating the bullish tone in
the stock.
Support for the stock lies in the zone 550 to 560 where 500 Daily SMA, 100 Weekly SMA and
channel support are positioned.
Resistance for the stock lies in the zone of 580 to 590 where 200 Daily SMA is lying.
WIPRO

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Disclaimer:
The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities
mentioned. No representations can be made that the recommendations contained herein will be profitable or
that they will not result in losses. Readers using the information contained herein are solely responsible for
their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy
and completeness. Minimum amount mentioned here depends upon stock prices and market conditions and
will vary accordingly.

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Weekly Outlook on CNX IT and its main components (August 17,2015 to August 21,2015)

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Weekly Outlook on CNX IT and its main components (August 17,2015 to August 21,2015)