EquityPandit’s Outlook for NIFTY IT for the week  (May 15, 2017 – May 19, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.80%.

As we have mentioned last week that resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10450 to 10500 where medium term moving averages and Fibonacci level is lying. During the week the index manages to hit a high of 10373 and close the week around the levels of 10368.

Minor support for the index lies in the zone of 10250 to 10300. Support for the index lies in the zone of 10150 to 10200 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9950 to 10000 where trend-line support for the index is lying.

Resistance for the index lies in the zone of 10350 to 10400 where medium term moving averages & 200 Daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10550 to 10600 where trend-line resistance for the index is lying.

Broad range for the index in the coming week is seen from 10000 to 10100 on downside & 10500 to 10550 on upside.