Weekly Outlook for Nifty IT and its main components (January 09, 2017 to January 13, 2017)

DATE: 06/01/2017
WEEKLY OUTLOOK FOR
NIFTY IT AND
ITS MAIN COMPONENTS
(09/01/2017 - 13/01/2017)
© 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.
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Nifty IT index ended the week on negative note losing around 2.80%.
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. 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. During the week the index manages to hit a high of 10590 and close the week
around the levels of 10110.
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.
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 pat-
tern. 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.
Weekly report on Nifty IT published on 11/11/2016, it was mentioned that if the index
manages to hold the levels of 9400 and if value buying emerges, the index can bounce to
the levels of 10500 and in this week the index retraced from the levels of 10590.
Broad range for the index in the coming week is seen from 9750 to 9800 on downside to 10300
to 10400 on upside.
NIFTY IT

INFY closed the week on negative note losing around 3.80%.
As we have mentioned last week that 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 1013 and close the week around the levels of 972.
Support for the stock lies in the zone of 950 to 960 from where the stock has broken out of the
consolidation zone. 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 920 to 930 on downside to 1000
to 1010 on upside.
INFY

TCS closed the week on negative note losing around 3.60%.
As we have mentioned last week that minor resistance for the stock lies in the zone of 2380 to
2400. Resistance for the stock lies in the zone of 2430 to 2450 where the stock has formed a dou-
ble 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. During the week the index manages to hit a
high of 2390 and close the week around the levels of 2281.
Support for the stock lies in the zone of 2230 to 2250 from where the stock broke out of the con-
solidation zone. If the stock manages to close below these levels then the stock can drift to the
levels of 2150 to 2180.
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 2180 to 2200 on downside to
2380 to 2400 on upside.
TCS

HCL Tech closed the week on negative note losing around 1.60%.
As we have mentioned last week that minor support for the stock lies in the zone of 800 to 805.
Support for the stock lies in the zone of 770 to 780 where 200 Daily SMA is lying. If the stock
manages to close below these levels then the stock can drift to the levels of around 750 to 760
where the stock has found support in the month of August-2016, September-2016 and October-
2016. During the week the stock manages to hit a low of 807 and close the week around the lev-
els of 815.
Minor support for the stock lies in the zone of 800 to 805. Support for the stock lies in the zone of
770 to 780 where 200 Daily SMA is lying. If the stock manages to close below these levels then
the stock can drift to the levels of around 750 to 760 where the stock has found support in the
month of August-2016, September-2016 and October-2016.
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.
Broad range for the stock in the coming week is seen between 800 to 810 on downside to 855 to
860 on upside.
HCL TECH

Wipro closed the week on negative note losing around 0.90%.
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 470.
Minor support for the stock lies in the zone of 465 to 468. Support for the stock lies in the zone of
455 to 457 levels from where the stock has broken out on intraday basis. If the stock manages to
close below these levels then the stock can drift to the levels of 435 to 440 levels where the stock
has taken support couple of times last week.
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.
Broad range for the stock in the coming week is seen between 455 to 460 on downside to 485 to
490 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 (January 09, 2017 to January 13, 2017)

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Weekly Outlook for Nifty IT and its main components (January 09, 2017 to January 13, 2017)