EquityPandit’s Outlook for NIFTY IT for the week (February 15, 2016 – February 19, 2016):

NIFTY IT:

Nifty IT index ended the week on negative note losing around 8.00%.

As we have mentioned last week that support for the index lies in the zone of 10900 to 11000 where short term moving averages, 500 Daily SMA and 100 Weekly SMA are positioned. If the index closes below this levels then the index can be in a freefall zone where no support is visible. The next support lies in the zone of 10400 from where the index has broken out in the month of August – 2014. During the week the index manages to hit a low of 10157 and close the week around the levels of 10326.

The index has closed around the support zone of 10400 from where the index has broken out in the month of August – 2014. If the index closes below this levels for couple of days then the index will be in a freefall and next support for the index lies in the zone of 9500.

Resistance for the index lies in the zone of 10600 to 10700 from where the index has broken down from the lows of Jan – 2016. If the index manages to close above this levels then the index can move to the levels of 10900 to 11000 where 500 Daily SMA and channel resistance for the index is lying.

Broad range for the index in the coming week is seen from 10000 on downside to 10600 on upside.