Weekly Outlook for Nifty IT and it main components (14/07/2017 to 21/07/2017)

DATE: 14/07/2017
WEEKLY OUTLOOK FOR
NIFTY IT AND
ITS MAIN COMPONENTS
(17/07/2017 - 21/07/2017)
© EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com
Jagrut Shah Darpan Shah
Sr. Research Analyst Head - Research
EquityPandit Financial Services Pvt. Ltd.
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NIFTY ITPAGE 2
Nifty IT index closed the week on positive note gaining around 2.40%.
As we have mentioned last week, that resistance for the index lies in the zone of 10300 to
10400 where short & long term moving averages and Fibonacci levels are lying. If the index
manages to close above these levels then the index can move to the levels of 10500 to 10600
where trend-line resistance and Fibonacci levels for the index is lying. During the week the
index manages to hit a high of 10612 and close the week around the levels of 10331.
Support for the index lies in the zone of 10220 to 10270. Support for the index lies in the
zone of 10000 to 10100 where Fibonacci levels and trend-line support for the index is lying.
If the index manages to close below these levels then the index can drift to the levels of 9850
to 9900 where the index has formed a bottom in the month of April-2017.
Resistance for the index lies in the zone of 10300 to 10400 where short & long term moving
averages and Fibonacci levels are lying. If the index manages to close above these levels then
the index can move to the levels of 10500 to 10600 where trend-line resistance and
Fibonacci levels for the index is lying.
Broad range for the index in the coming week is seen from 9900 to 10000 on downside &
10600 to 10700 on upside.

INFY closed the week on positive note gaining around 4.00%.
As we have mentioned last week, that support for the stock lies in the zone of 920 to 925. If
the stock manages to close below these levels then the stock can drift to the levels of 900 to
910 where the stock has taken support in the month of November-2016, January-2017 and
April-2017. During the week the stock manages to hit a low of 937 and close the week
around the levels of 972.
Minor support for the stock lies in the zone of 955 to 960. Support for the stock lies in the
zone of 940 to 945 where Fibonacci levels are lying. If the stock manages to close below
these levels then the stock can drift to the levels of 920 to 930 where trend-line support for
the stock is lying.
Resistance for the stock lies in the zone of 970 to 975 where Fibonacci level and medium &
long term moving averages are lying. If the stock manages to close above these levels then
the stock can move to the levels of around 995 to 1005 where Fibonacci levels are lying.
Broad range for the stock in the coming week is seen between 930 to 940 on downside & 990
to 1000 on upside.
INFY

TCS closed the week on positive note gaining around 2.80%.
As we have mentioned last week that support for the stock lies in the zone of 2310 to 2330
where trend-line support and Fibonacci levels are lying. If the stock manages to close below
these levels then the stock can drift to the levels of 2220 to 2250 where Fibonacci level is
lying. During the week the stock manages to hit a low of 2341 and close the week around the
levels of 2397.
Support for the stock lies in the zone of 2350 to 2360 where trend-line support and 200
moving averages are lying. If the stock manages to close below these levels then the stock
can drift to the levels of 2300 to 2310 where Fibonacci level is lying.
Resistance for the stock lies in the zone of 2400 to 2430 where short and medium term
moving averages are lying. If the stock manages to close above these levels then the stock can
move to the levels of 2480 to 2500 where Fibonacci levels are lying.
Broad range for the stock in the coming week is seen between 2250 to 2280 on downside &
2500 to 2530 on upside.
TCS

HCL Tech closed the week on positive note gaining around 2.20%.
As we have mentioned last week that support for the stock lies in the zone of 820 to 825
where Fibonacci levels, 200 daily moving averages and break out levels are lying. If the stock
manages to close below these levels then the stock can drift to the levels of 800 to 810 where
Fibonacci levels are lying. During the week the stock manages to hit a low of 830 and close
the week around the levels of 850.
zone of 820 to 825 where Fibonacci levels, 200 daily moving averages and break out levels
are lying. If the stock manages to close below these levels then the stock can drift to the
levels of 800 to 810 where Fibonacci levels are lying.
Resistance for the stock lies in the zone of 858 to 862 where Fibonacci level is lying. If the
stock manages to close above these levels then the stock can move to the levels of 880 to 890
where Fibonacci levels are lying.
to 890 on upside.
HCL TECH

Wipro closed the week on positive note gaining around 0.80%.
As we have mentioned last week that resistance for the stock lies in the zone of 258 to 260. If
the stock manages to close above these levels then the stock can move to the levels of 264 to
266 where Fibonacci levels are lying. During the week the stock manages to hit a high of 273
and close the week around the levels of 260.
zone of 250 to 252 from where the stock broke out after consolidation and medium term
moving averages are lying. If the stock manages to close below these levels then the stock
can drift to the levels of 242 to 245 where 200 daily moving averages are lying.
Resistance for the stock lies in the zone of 264 to 266 where Fibonacci levels are lying. If the
stock manages to close above these levels then the stock can move to the levels of 275 to
277.
to 267 on upside.
WIPRO

PAGE 7
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