EquityPandit’s Outlook for NIFTY IT for the week (March 21, 2016 – March 23, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 2.90%.

As we have mentioned last week that the index has closed around the strong resistance zone of 10900 to 11000 where 100 & 500 Daily SMA and channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11200 to 11400 where 200 Daily SMA is lying. During the week the index manages to hit a high of 11177 and close the week around the levels of 11150.

Support for the index lies in the zone of 11000 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 10600 to 10700 from where the index has broken down from the lows of Jan – 2016.

Resistance for the index lies in the zone of 11200 to 11300 where 200 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 11600 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 11000 on downside to 11600 on upside.