Weekly Outlook for Nifty IT and its main components (February 27, 2017 to March 03, 2017)

DATE: 24/02/2017
WEEKLY OUTLOOK FOR
NIFTY IT AND
ITS MAIN COMPONENTS
(27/02/2017 - 03/03/2017)
© EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com
Jagrut Shah Darpan Shah
Sr. Research Analyst Head - Research
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Nifty IT index ended the week on positive note gaining around 1.50%.
As we have mentioned last week that resistance for the index lies in the zone of 10500 to 10600
from where the index has broken down from the double bottom pattern and 200 Daily SMA is
lying. If the index manages to close above these levels then the index can move to the levels of
10700 to 10800 where trend-line joining earlier highs is lying. During the week the index man-
ages to hit a high of 10802 and close the week around the levels of 10690.
Support for the index lies in the zone of 10500 to 10600 from where the index has broken out
from the double top pattern and 200 Daily SMA is lying. If the index manages to close below
these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels and
short term moving averages are lying.
Resistance for the index lies in the zone of 10800 to 10850 where trend-line joining earlier highs
is lying. If the index manages to close above these levels then the index can move to the levels of
11000 where long term Fibonacci levels are lying.
Broad range for the index in the coming week is seen from 10300 to 10350 on downside and
10950 to 11000 on upside.
NIFTY IT

INFY closed the week on positive note gaining around 0.90%.
As we have mentioned last week that minor support for the stock lies in the zone of 980 to
990. Support for the stock lies in the zone of 970 to 980 where Fibonacci levels and short
term moving averages are lying. If the stock manages to close below these levels then the
stock can drift to the levels of 945 to 955 from where the stock broke out after consolidation.
During the week the stock manages to hit a low of 986 and close the week around the levels
of 1009.
Minor support for the stock lies in the zone of 980 to 990. Support for the stock lies in the
zone of 970 to 980 where Fibonacci levels and short term moving averages are lying. If the
stock manages to close below these levels then the stock can drift to the levels of 945 to 955
from where the stock broke out after consolidation.
Resistance for the stock lies in the zone of 1020 to 1040 where Fibonacci levels are lying. If
the stock manages to close above these levels then the stock can move to the levels of 1050
to 1060 where 200 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 960 to 970 on downside &
1040 to 1050 on upside.
INFY

TCS 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 2400 to 2430
where the stock has formed a double top in the month of October-2016 and 200 Daily SMA is ly-
ing. 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. During the
week the stock manages to hit a high of 2555 and close the week around the levels of 2482.
Minor support for the stock lies in the zone of 2440 to 2450. Support for the stock lies in the zone
of 2400 to 2420 where Fibonacci levels and 200 Daily SMA is lying. If the stock manages to close
below these levels then the stock can drift to the levels of 2320 to 2350 where Fibonacci levels
and medium term moving averages are lying.
Resistance for the stock lies in the zone of 2500 to 2520 from where the stock has broken down
in the month of September-2016. If the stock manages to close above these levels then the stock
can move to the levels of 2560 to 2600 from where the stock broke down in August-2016.
Broad range for the stock in the coming week is seen between 2400 to 2420 on downside & 2560
to 2580 on upside.
TCS

HCL Tech 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 840 to
845. 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. During the week the stock manages to hit a high of 865 and
close the week around the levels of 843.
Support for the stock lies in the zone of 815 to 825 where Fibonacci level 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 level 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 & 870
to 880 on upside.
HCL TECH

Wipro closed the week on positive note gaining around 2.30%.
As we have mentioned last week that minor support for the stock lies in the zone of 465 to 470.
Support for the stock lies in the zone of 450 to 453 from where the stock has bounced couple of
times in the month of December-2016. If the stock manages to close below these levels then the
stock can drift to the levels of 430 to 435 where the stock has taken multiple support in the
month of November-2016. During the week the stock manages to hit a low of 470 and close the
week around the levels of 486.
Minor support for the stock lies in the zone of 477 to 480. Support for the stock lies in the zone of
468 to 470 where the stock has taken multiple support. If the stock manages to close below these
levels then the stock can drift to the levels of 460 to 463 from where the stock has broken out of
consolidation zone.
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 495 to 500 where the stock has form a top in the month of October-
2016, Fibonacci level and 200 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 470 to 475 on downside & 500 to
505 on upside.
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
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and completeness. Minimum amount mentioned here depends upon stock prices and market conditions and
will vary accordingly.

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Weekly Outlook for Nifty IT and its main components (February 27, 2017 to March 03, 2017)

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Weekly Outlook for Nifty IT and its main components (February 27, 2017 to March 03, 2017)