EquityPandit’s Outlook for NIFTY IT for the week (September 12, 2016 – September 16, 2016) :

NIFTY IT:

Nifty IT index ended the week on negative note losing around 2.20%.

As we have mentioned last week that the index has closed around the support zone of 10525 to 10575 from where the index has bounced in the month of July – 2016. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index has bounced in the month of February – 2016. During the week the index manages to hit a low of 10160 and close the week around the levels of 10291.

The index has closed around the support zone of 10000 to 10100 from where the index has bounced in the month of February – 2016. The index has seen a major breakdown and no support is visible. If the index manages to close below these levels then the index can drift to the levels of 9500 to 9600.

Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the short term bottom. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where short term and long term moving averages are lying.

Broad range for the index in the coming week is seen from 9850 to 9900 on downside to 10600 to 10700 on upside.