Technical Analysis on CNX IT- TCS,WIPRO,HCLTECH for Sep-13,2013: InditradeTv We bring you another update on CNX IT by our in-house Technical researcher for equity. CNX Nifty has shaped up as the largest single financial product in India, with an ecosystem comprising: exchange traded funds (onshore and offshore), exchange-traded futures and options (at NSE in India and at SGX and CME abroad), other index funds and OTC derivatives (mostly offshore). The CNX Nifty covers 22 sectors of the Indian economy and offers investment managers exposure to the Indian market in one portfolio. During 2008-12, CNX Nifty 50 Index share of NSE market capitalisation fell from 65% to 29%[1] due to the rise of sectoral indices like CNX Bank, CNX IT, CNX Mid Cap, etc. The CNX Nifty 50 Index gives 29.70% weightage to financial services, 0.73% weightage to industrial manufacturing and nil weightage to agricultural sector. (source- wikipedia) On daily time frame, CNXIT INDEX gave breakout of CUP and handle on higher side at 8070 on 28-aug-2013 and facing stiff resistance around 8479 levels FROM LAST COUPLE OF WEEKS. Currently it is trading at 8170 levels nearing convergence of lower end of upward channel and trendline of cup and handle located around 8100 levels.And any break below 8100 which is also 21 day exponential moving average ,index can find immediate support at 7936 which is 78.6% Fibonacci retracement of the swing 5943 and 8479. We expect bearishness could continue basing on the RSI retracing from overbought and slow stochastic retracing from higher band and close above 8500 levels can only negate the view and can locate the index towards 9100 levels. Lets have a glimpse on some technolog stocks Infosys: After forming cup and handle, facing resistance at 3182 and break above it can move towards 3300 and break below 2990 can drag towards 2900. -- outlook : Bears: Sell below 2990 for target- 2900 and 2816 Bulls: Buy above 3080 for target- 3185 with stop loss 3030 HCLTECH [INE860A01027]: Where the prices are facing resistance at higher end of trendline with bearish pattern and can drag the stock towards 1012 to 965 levels with RSI (relative strength index) in overbought region and stochastic supporting the bearishness to continue. Outlook: Sell around 1050 levels for tgts 1011 and 964 with stoploss 1080 TCS [INE467B01029]: Trading in upward channel with higher highs and higher lows and currently retracing from higher end of upward channel and bearishness could continue towards 1879 and break below it. It can find support at 1812 levels. RSI and stochastic indicators are also both supporting the bearishness. If you like this video, than don't forget to comment. we appreciate feedback. Visit our Official website - http://www.inditrade.com Subscribe to our Youtube channel - http://www.youtube.com/InditradeTV You can also trade with us using our exclusive inditools (http://bit.ly/14S4psk ) , which has the latest technology to provide our customers the best out of the market. Just click on this link http://www.inditrade.com/ and let us empower the investor in you. Follow us Twitter - https://twitter.com/Inditrade If you liked the video, don't forget to 'like' and 'comment'. We encourage feedback's! :) Disclaimer: The views expressed in this video are based on the analysis of data and information obtained from sources we consider reliable. However, JRG Securities takes no responsibility for the accuracy and completeness of any such data or information. Investors may note that neither the company nor any persons, associates or any subsidiaries accept any responsibility for any potential loss arising as a result of use of the data, information or views expressed in this report. The recipient is requested to seek independent expert advice prior to acting on this report

• published: 18 Sep 2013
• views: 6