EquityPandit’s Outlook for NIFTY IT for the week  (April 10, 2017 – April 13, 2017) :

NIFTY IT:

Nifty IT index closed the week on negative note losing around 2.00%.

As we have mentioned last week that support for the index lies in the zone of 10650 to 10680 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 10470 to 10520 from where the index has broken out from the double top pattern, Fibonacci level and 200 Daily SMA is lying. During the week the index manages to hit a low of 10471 and close the week around the levels of 10486.

Support for the index lies in the zone of 10470 to 10520 from where the index has broken out from the double top pattern, Fibonacci level and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci level is lying.

Minor resistance for the index lies in the zone of 10550 to 10600. Resistance for the index lies in the zone of 10680 to 10720 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where long term Fibonacci levels and top for the month of March-2017 are lying.

Broad range for the index in the coming week is seen from 10300 to 10350 on downside & 10700 to 10750 on upside.