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IT Secttor on move................
Technical Theme
FROM THE RESEARCH DESK…..!!!!
CNX IT index has seen a past trend of rallying most of the times in every quarter before the
result session, taking the theme into consideration we are initiating coverage on some select
IT sector stocks which looks technically attractive on charts and likely to perform in coming
weeks. CNX IT index has taken strong support around 6500 levels and started performing with
rally likely to continue in near term. Index has given breakout of the downward falling channel
on daily charts and also has given the close above 50Days Exponential Moving Averages. The
index has seen gap up opening for the two consecutive trading sessions indicates bullish view
till the time it does not fill down the gaps. If we see the Fibonacci Retracement of the recent
fall i.e. 7590-6490 it has closed above 38% retracement of 6910 levels and now 50%
retracement is at 7040 levels. Technical Indicators RSI and MACD are also supporting the
bullish view. Some Stocks in this space have already started rallying; one can initiate Long
positions with limited downside risk and to enjoy the greater Return.
INFOSYS TECH: The counter has
witnessed a gap up opening which gives a
bullish view in near term till the time it
does not fill down the gap. The volumes
are also increasing with the price
supporting our view. The stock has
formed Island Bottom Reversal Pattern in
which there is a gap on both side of
candles, indicates Bull Run in coming
days. One can initiate Long position with
the support around 3010 levels and
target towards 3350 levels in coming
days.
TCS: The stock has taken multiple
supports around 1065 levels which is very
crucial level. The stock has also witnessed
gap up opening suggesting the Bull Run in
coming days. It has closed above 50Days
EMA which is also positive for the
counter. RSI is at 58 levels and MACD is
also increasing with the price supporting
the view. One can initiate long position
with support at 1070 and target of 1205.
HCL TECH: The counter was
consolidating in a range in last four weeks
with no major movements. Now it has
given Triangular Breakout with rising
volumes indicating positive momentum in
coming days. On Daily charts it is trading
above 100Days EMA indicating positive
bias for the counter. The stock has strong
support around 453 levels and it may
target 510 levels.
TECH MAHINDRA: The sock has
made Inverse Head & Shoulder Pattern
on daily charts. The Neck Line breakout is
at around 740 levels, if it sustains above
these levels then fast momentum on
upside could be seen towards 810 levels
in coming days. It has strong support
around 705 levels. One can initiate long
position for the target of 782 levels in
coming days.
FINANTECH: The counter after
consolidation of three weeks has given
breakout with huge volumes and now
ready for upside momentum. The counter
has given close above 50Days EMA of 799
levels. The stock has also given Price-
Volume Breakout with increased delivery
volumes suggesting Bull Rum may be
seen in coming days. The stock has
strong support around 805 levels and
may target 895 levels. The stock looks
fantastic in terms of Risk-Reward Ratio.
WIPRO: Stock is moving in a range of
430-460 levels if it sustains above 460
then breakout may rally towards 510
levels in coming days. It is also trading
above 100Day EMA. RSI is also above 40
levels and rising, indicates positive
momentum is likely to continue in near
term. The stock has strong support
around 442.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IT Secttor on move................
Technical Theme
FROM THE RESEARCH DESK…..!!!!
CNX IT index has seen a past trend of rallying most of the times in every quarter before the
result session, taking the theme into consideration we are initiating coverage on some select
IT sector stocks which looks technically attractive on charts and likely to perform in coming
weeks. CNX IT index has taken strong support around 6500 levels and started performing with
rally likely to continue in near term. Index has given breakout of the downward falling channel
on daily charts and also has given the close above 50Days Exponential Moving Averages. The
index has seen gap up opening for the two consecutive trading sessions indicates bullish view
till the time it does not fill down the gaps. If we see the Fibonacci Retracement of the recent
fall i.e. 7590-6490 it has closed above 38% retracement of 6910 levels and now 50%
retracement is at 7040 levels. Technical Indicators RSI and MACD are also supporting the
bullish view. Some Stocks in this space have already started rallying; one can initiate Long
positions with limited downside risk and to enjoy the greater Return.
INFOSYS TECH: The counter has
witnessed a gap up opening which gives a
bullish view in near term till the time it
does not fill down the gap. The volumes
are also increasing with the price
supporting our view. The stock has
formed Island Bottom Reversal Pattern in
which there is a gap on both side of
candles, indicates Bull Run in coming
days. One can initiate Long position with
the support around 3010 levels and
target towards 3350 levels in coming
days.
TCS: The stock has taken multiple
supports around 1065 levels which is very
crucial level. The stock has also witnessed
gap up opening suggesting the Bull Run in
coming days. It has closed above 50Days
EMA which is also positive for the
counter. RSI is at 58 levels and MACD is
also increasing with the price supporting
the view. One can initiate long position
with support at 1070 and target of 1205.
HCL TECH: The counter was
consolidating in a range in last four weeks
with no major movements. Now it has
given Triangular Breakout with rising
volumes indicating positive momentum in
coming days. On Daily charts it is trading
above 100Days EMA indicating positive
bias for the counter. The stock has strong
support around 453 levels and it may
target 510 levels.
TECH MAHINDRA: The sock has
made Inverse Head & Shoulder Pattern
on daily charts. The Neck Line breakout is
at around 740 levels, if it sustains above
these levels then fast momentum on
upside could be seen towards 810 levels
in coming days. It has strong support
around 705 levels. One can initiate long
position for the target of 782 levels in
coming days.
FINANTECH: The counter after
consolidation of three weeks has given
breakout with huge volumes and now
ready for upside momentum. The counter
has given close above 50Days EMA of 799
levels. The stock has also given Price-
Volume Breakout with increased delivery
volumes suggesting Bull Rum may be
seen in coming days. The stock has
strong support around 805 levels and
may target 895 levels. The stock looks
fantastic in terms of Risk-Reward Ratio.
WIPRO: Stock is moving in a range of
430-460 levels if it sustains above 460
then breakout may rally towards 510
levels in coming days. It is also trading
above 100Day EMA. RSI is also above 40
levels and rising, indicates positive
momentum is likely to continue in near
term. The stock has strong support
around 442.
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