EquityPandit’s Outlook for NIFTY IT for the week (May 23, 2016 – May 27, 2016):

NIFTY IT:

Nifty IT index ended the week on absolutely flat note.

As we have mentioned last week that resistance for the index lies in the zone of 11000 to 11100 where 100 & 500 Daily SMA is lying. If the index manages to close below these levels then the index can move to the levels of 11200 to 11300 where 200 Daily SMA is lying. During the week the index manages to hit a high of 11197 and close the week around the levels of 11036.

Support for the index lies in the zone of 10700 to 10800 from where the index has bounced in the month of March – 2016. If the index manages to close below these levels then the index can drift to the levels of 10400 to 10500.

Resistance for the index lies in the zone of 11000 to 11100 where 100 & 500 Daily SMA is lying. If the index manages to close below these levels then the index can move to the levels of 11200 to 11300 where 200 Daily SMA is lying.

Broad range for the index in the coming week is seen from 10800 on downside to 11200 on upside.