EquityPandit’s Outlook for NIFTY IT for the week (April 18, 2016 – April 22, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 2.60%.

As we have mentioned last week that support for the index lies in the zone of 10900 to 11000 where 100 & 500 Daily SMA is lying. If the index manages to close below these 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. During the week the index manages to hit a low of 10975 and close the week around the levels of 11352.

Support for the index lies in the zone of 11200 to 11300 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10900 to 11000 where 100 & 500 Daily SMA is lying.

Resistance for the index lies in the zone of 11500 to 11600 where trend-line joining earlier highs is lying. If the index manages to close above this levels then the index can move to the levels of 12000.

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