EquityPandit’s Outlook for NIFTY IT for the week (October 17, 2016 – October 21, 2016) :

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 0.40%.

As we have mentioned last week that support for the index lies in the 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. During the week the index manages to hit a low of 10116 and close the week around the levels of 10229.

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

Broad range for the index in the coming week is seen from 9500 to 9600 on downside to 10500 to 10600 on upside.