Weekly Outlook for Nifty IT and its main components (31/07/2017 to 04/08/2017)

WEEKLY
NIFTY
ITS M
(31/0
© EquityPandit Financial Services Pvt. Ltd. |
Jagrut Shah
Sr. Research Analyst
EquityPandit Financial Services Pvt. Ltd.
305, Trinity Business Centre, L. P. Savani Road,
Surat - 395009
Gujarat
An ISO 9001:2008 Certified Company
DATE: 28/07/2017
EEKLY OUTLOOK FOR
NIFTY IT AND
MAIN COMPONENTS
/07/2017 - 04/08/2017)
© EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com
EquityPandit Financial Services Pvt. Ltd.
305, Trinity Business Centre, L. P. Savani Road,
An ISO 9001:2008 Certified Company
www.equitypandit.com
UTLOOK FOR
OMPONENTS
| info@equitypandit.com
Darpan Shah
Head - Research

NIFTY ITPAGE 2
Nifty IT index closed the week on absolutely flat note.
As we have mentioned last week, that support for the index lies in the zone of 10500 to
10600 where trend-line support and Fibonacci levels for the index is lying. If the index
manages to close below these levels then the index can drift to the levels of 10300 to 10400
where short & long term moving averages and Fibonacci levels are lying. During the week
the index manages to hit a low of 10511 and close the week around the levels of 10699.
Support for the index lies in the zone of 10500 to 10600 where trend-line support and
Fibonacci levels for the index is lying. If the index manages to close below these levels then
the index can drift to the levels of 10300 to 10400 where short & long term moving averages
and Fibonacci levels are lying.
Minor resistance for the index lies in the zone of 10750 to 10800. Resistance for the index
lies in the zone of 11000 to 11050 where the index has formed a top in the month of June-
2017. If the index manages to close above these levels then the index can move to the levels
of 11200 to 11300 where the index has formed a top in the month of August-2016.
Broad range for the index in the coming week is seen from 10400 to 10500 on downside &
11000 to 11100 on upside.

INFY closed the week on positive note gaining around 1.80%.
As we have mentioned last week, that support for the stock lies in the zone of 960 to 970
where short term moving averages and Fibonacci levels are lying. If the stock manages to
close below these levels then the stock can drift to the levels of 940 to 945 where Fibonacci
levels are lying. During the week the stock manages to hit a low of 962 and close the week
around the levels of 997.
Support for the stock lies in the zone of 960 to 970 where short, medium & long term moving
averages and Fibonacci levels are lying. If the stock manages to close below these levels then
the stock can drift to the levels of 940 to 945 where Fibonacci levels are lying.
Resistance for the stock lies in the zone of 1000 to 1010 where Fibonacci levels are lying. If
the stock manages to close above these levels then the stock can move to the levels of around
1025 to 1030 where Fibonacci levels and declining trend-line resistance for the stock is
lying.
Broad range for the stock in the coming week is seen between 970 to 980 on downside &
INFY

TCS closed the week on negative note losing around 0.30%.
As we have mentioned last week, that minor resistance for the stock lies in the zone of 2500
to 2515. Resistance for the stock lies in the zone of 2580 to 2600 from where the stock broke
down in the month of June-2017. If the stock manages to close above these levels then the
stock can move to the levels of 2650. During the week the stock manages to hit a high of
2585 and close the week around the levels of 2484.
Minor support for the stock lies in the zone of 2460 to 2480. Support for the stock lies in the
zone of 2400 to 2430 where Fibonacci levels 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 2350 to
2360 where trend-line support and 200 moving averages are lying.
Minor resistance for the stock lies in the zone of 2500 to 2515. Resistance for the stock lies in
the zone of 2580 to 2600 from where the stock broke down in the month of June-2017. If the
stock manages to close above these levels then the stock can move to the levels of 2650.
Broad range for the stock in the coming week is seen between 2380 to 2400 on downside &
TCS

HCL Tech closed the week on negative note losing around 1.30%.
As we have mentioned last week that resistance for the stock lies in the zone of 915 to 925
where Fibonacci level is lying. If the stock manages to close above these levels then the stock
can move to the levels of 950 to 960. During the week the stock manages to hit a high of 928
and close the week around the levels of 893.
Support for the stock lies in the zone of 885 to 895 where Fibonacci levels are lying. If the
stock manages to close below these levels then the stock can drift to the levels of 860 to 870
where break out levels and Fibonacci levels are lying.
Resistance for the stock lies in the zone of 915 to 925 where Fibonacci level is lying. If the
stock manages to close above these levels then the stock can move to the levels of 950 to
960.
Broad range for the stock in the coming week is seen between 860 to 870 on downside & 930
to 940 on upside.
HCL TECH

Wipro closed the week on positive note gaining around 1.00%.
As we have mentioned last week, that resistance for the stock lies in the zone of 288 to 290.
If the stock manages to close above these levels then the stock can move to the levels of 294
to 296 where long term Fibonacci levels are lying. During the week the stock manages to hit
a high of 293 and close the week around the levels of 289.
Support for the stock lies in the zone of 284 to 286 from where the stock broke out of June-
2017 highs. If the stock manages to close below these levels then the stock can drift to the
levels of 275 to 277 from where the stock broke out on gap up opening.
Resistance for the stock lies in the zone of 288 to 290. If the stock manages to close above
these levels then the stock can move to the levels of 294 to 296 where long term Fibonacci
levels are lying.
Broad range for the stock in the coming week is seen between 282 to 284 on downside & 294
to 296 on upside.
WIPRO

PAGE 7
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Weekly Outlook for Nifty IT and its main components (31/07/2017 to 04/08/2017)