EquityPandit’s Outlook for NIFTY IT for the week  (June 19, 2017 – June 23, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 2.40%.

As we have mentioned last week that support for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10100 where Fibonacci levels and trend-line support for the index is lying. During the week the index manages to hit a low of 10161 and close the week around the levels of 10189.

Support for the index lies in the zone of 10000 to 10100 where Fibonacci levels and trend-line support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9850 to 9900 where the index has formed a bottom in the month of April-2017.

Resistance for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10500 to 10600 where trend-line resistance and Fibonacci levels for the index is lying.

Broad range for the index in the coming week is seen from 9850 to 9900 on downside & 10500 to 10600 on upside.