Weekly Outlook for Nifty IT and its main components (16/01/2017 to 20/01/2017)

DATE: 13/01/2017
WEEKLY OUTLOOK FOR
NIFTY IT AND
ITS MAIN COMPONENTS
(16/01/2017 - 20/01/2017)
© 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.
305, Trinity Business Centre, L. P. Savani Road,
Surat - 395009
Gujarat
An ISO 9001:2008 Certified Company
www.equitypandit.com

Nifty IT index ended the week on positive note gaining around 1.50%.
As we have mentioned last week that support for the index lies in the zone of 10000 to 10100
where short term moving averages are lying. If the index manages to close below these levels
then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the
month of December-2016. During the week the index manages to hit a low of 10024 and close
the week around the levels of 10263.
Support for the index lies in the zone of 10000 to 10100 where short term moving averages are
lying and Fibonacci ratios are lying. If the index manages to close below these levels then the
index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the month
of December-2016.
Minor resistance for the index lies in the zone of 10200 to 10300. Resistance for the index lies in
the zone of 10500 to 10600 from where the index has broken down from the double bottom
pattern. If the index manages to close above these levels then the index can move to the levels of
10700 to 10800 where 200 Daily SMA is lying.
Broad range for the index in the coming week is seen from 10000 to 10050 on downside to
10500 to 10550 on upside.
NIFTY IT

INFY closed the week on positive note gaining around 0.40%.
As we have mentioned last week that minor resistance for the stock lies in the zone of 980 to
985. Resistance for the stock lies in the zone of 1000 to 1010 from where the stock has broken
down from the double bottom pattern. If the stock manages to close above these levels then the
stock can move to the levels of 1030 to 1050 from where the stock has broken down in the
month of October - 2016. During the week the stock manages to hit a high of 1040 and close the
week around the levels of 976.
Support for the stock lies in the zone of 950 to 960 from where the stock has broken out of the
consolidation zone and where Fibonacci ratios are lying. If the stock manages to close below
these levels then the stock can drift to the levels of 920 to 930.
Minor resistance for the stock lies in the zone of 980 to 985. Resistance for the stock lies in the
zone of 1000 to 1010 from where the stock has broken down from the double bottom pattern. If
the stock manages to close above these levels then the stock can move to the levels of 1030 to
1050 from where the stock has broken down in the month of October - 2016.
Broad range for the stock in the coming week is seen between 940 to 950 on downside to 1000
to 1010 on upside.
INFY

TCS closed the week on negative note losing around 1.40%.
As we have mentioned last week that resistance for the stock lies in the zone of 2350 to 2370
from where the stock broke down on intraday basis. Resistance for the stock lies in the zone of
2430 to 2450 where the stock has formed a double top in the month of October-2016 and 200
Daily SMA is lying. During the week the stock manages to hit a high of 2360 and close the week
around the levels of 2249.
Support for the stock lies in the zone of 2230 to 2250 from where the stock broke out of the
consolidation zone. If the stock manages to close below these levels then the stock can drift to
the levels of 2150 to 2180 where the stock has formed a bottom in the month of December-2016
and Fibonacci ratios are lying.
Minor resistance for the stock lies in the zone of 2300 to 2320. Resistance for the stock lies in the
zone of 2350 to 2370 from where the stock broke down on intraday basis. Resistance for the
stock lies in the zone of 2430 to 2450 where the stock has formed a double top in the month of
October-2016 and 200 Daily SMA is lying. If the stock manages to close above these levels then
the stock can move to the levels of 2500 to 2520 from where the stock has broken down in the
month of September-2016.
Broad range for the stock in the coming week is seen between 2150 to 2180 on downside to
2330 to 2350 on upside.
TCS

HCL Tech closed the week on positive note gaining around 4.40%.
As we have mentioned last week that resistance for the stock lies in the zone of 830 to 840 where
the stock has form a top in the month of December-2016.. If the stock manages to close above
these levels then the stock can move to the levels of 850 to 860 levels where the stock has
formed a top in the month of August-2016 and October-2016. During the week the stock
manages to hit a high of 858 and close the week around the levels of 850.
Support for the stock lies in the zone of 820 to 830 where Fibonacci ratio is lying. If the stock
manages to close below these levels then the stock can drift to the levels of 800 to 805 where
medium term moving averages and Fibonacci ratio is lying.
Resistance for the stock lies in the zone of 860 to 865 levels where the stock has formed a top in
the month of August-2016 and October-2016. If the stock manages to close above these levels
then the stock can break out of 8 months of consolidation and the stock can move to the levels of
around 900.
Broad range for the stock in the coming week is seen between 800 to 810 on downside to 880 to
890 on upside.
HCL TECH

Wipro closed the week on positive note gaining around 3.10%.
As we have mentioned last week that resistance for the stock lies in the zone of 470 to 475 from
where the stock has broken down from the double bottom pattern in the month of September -
2016. If the stock manages to close above these levels then the stock can move to the levels of
485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. During the
week the stock manages to hit a high of 486 and close the week around the levels of 485.
Minor support for the stock lies in the zone of 478 to 480. Support for the stock lies in the zone of
470 to 472 where short term moving averages are lying. If the stock closes below these levels
then the stock can drift to the levels of 458 to 460.
Resistance for the stock lies in the zone of 485 to 490 where the stock has formed a gap on gap
down opening on 24/10/2016. If the stock manages to close above these levels then the stock
can move to the levels of 500 where the stock has form a top in the month of October-2016.
Broad range for the stock in the coming week is seen between 470 to 475 on downside to 500 to
505 on upside.
WIPRO

About EquityPandit
EquityPandit was established in year 2005. Today, EquityPandit is one of
the Leading Equity Research Company in India, with around 33400 active
subscribers around the globe, who enjoy huge profits in association with
EquityPandit.
We have been in this industry for a LONG time. In fact, we were among the
First few Indian entities in the Advisory domain to venture onto the
Internet.
Today, we have subscribers... in 32 countries worldwide who trust us!
We are an ISO Certified company for quality of our services.
We were the First Company to bring research and advisory based on
Technical analysis on internet in India, until then, only investment
research was available on internet in India.
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.

EquityPandit Premium Services
EP-F&O Special is EquityPandit’s huge profits generating package. In this service we provide you with an
excellent F&O calls in equity and Indexes like Nifty and bank Nifty. This service is basically for F&O Traders.
Here you will receive 2-4 calls daily. Huge profits are earned every month.
In this package we provide huge profits every month on consistent basis. Our subscribers earn huge profits
every month.
Know more about EP-F&O Special package
EP-Basic is Intraday Package which is meant for intraday traders. Calls are provided live during market hours
by SMS. 2-3 Intraday calls are given within a day. EquityPandit provides assured daily profits in this package i.e
everyday you would end up with profits. High accuracy of 90-95% is maintained consistently. Know more
about EP-Basic package
EP-Investor is EquityPandit's Flagship product. This package is for short term investments.
Recommendations given in this package are midcap and smallcap multibaggers. Each and every call provided in
this package gives 15-25% profits in short term and most of our call gives more than 100% profits in small time
duration. A most famous and appreciated package among investors in Indian Stock Market. Know more about
EP-Investor package

Weekly Outlook for Nifty IT and its main components (16/01/2017 to 20/01/2017)

Recommended

Recommended

More Related Content

Viewers also liked

Viewers also liked (20)

Recently uploaded

Recently uploaded (20)

Weekly Outlook for Nifty IT and its main components (16/01/2017 to 20/01/2017)