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Current Observation: Daily Timeframe: IT sector declined sharply during early this week, but did not show follow through declines for remaining sessions of the week. We observe higher tops and bottoms a formation as per daily timeframe chart and the sector has now placed around the hurdle of previous high around 11326 levels. Daily momentum oscillator like 34 period stochastic has reached the upward bullish region of 90 levels, which is indicating strength of upside momentum. Among sector participants large cap participants like Infosys. Wipro, TCS are showing minor weakness with sideways consolidation. HCL Tech is showing fine upmove in line with positive result. Other mid cap participants like Hexaware, Persistent, OFSS, Mind Tree are showing positive trend and KPIT, Rolta, Vakarangee are some stocks, which are showing weak trend. Weekly timeframe: Larger timeframe like weekly is signaling that the IT sector is finding finding stiff resistance around 11330 during this week. We observe a formation of high wave type candle pattern this week with weak bias, suggesting halt in upside momentum of the last few weeks. The weekly 14 period RSI is showing lower low formations, which has placed around the key levels of 60. On the higher side the IT sector is facing stiff hurdle of previous high and the downside broken area of previous upward blue trend line around 11375 levels. Summing Up: The underlying trend of IT sector is weak , but there is absence of significant top reversal pattern. Though the sector is facing strong hurdle at the higher levels, we are unlikely to see sharp declines here. Immediate supports to be watched is around 10800 and overhead resistance is placed at 11375 levels.
LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011085
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
Current Observation: Daily Timeframe: IT sector declined sharply during early this week, but did not show follow through declines for remaining sessions of the week. We observe higher tops and bottoms a formation as per daily timeframe chart and the sector has now placed around the hurdle of previous high around 11326 levels. Daily momentum oscillator like 34 period stochastic has reached the upward bullish region of 90 levels, which is indicating strength of upside momentum. Among sector participants large cap participants like Infosys. Wipro, TCS are showing minor weakness with sideways consolidation. HCL Tech is showing fine upmove in line with positive result. Other mid cap participants like Hexaware, Persistent, OFSS, Mind Tree are showing positive trend and KPIT, Rolta, Vakarangee are some stocks, which are showing weak trend. Weekly timeframe: Larger timeframe like weekly is signaling that the IT sector is finding finding stiff resistance around 11330 during this week. We observe a formation of high wave type candle pattern this week with weak bias, suggesting halt in upside momentum of the last few weeks. The weekly 14 period RSI is showing lower low formations, which has placed around the key levels of 60. On the higher side the IT sector is facing stiff hurdle of previous high and the downside broken area of previous upward blue trend line around 11375 levels. Summing Up: The underlying trend of IT sector is weak , but there is absence of significant top reversal pattern. Though the sector is facing strong hurdle at the higher levels, we are unlikely to see sharp declines here. Immediate supports to be watched is around 10800 and overhead resistance is placed at 11375 levels.
LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011085
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