EquityPandit’s Outlook for NIFTY IT for the week  ( Aug 21, 2017 – Aug 25, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.70%.

As we have mentioned last week, that support for the index lies in the zone of 10500 to 10600 where trend-line support and Fibonacci levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. During the week the index manages to hit a low of 10475 and close the week around the levels of 10570.

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

Minor resistance for the index lies in the zone of 10700 to 10800. Resistance for the index lies in the zone of 11000 to 11050 where the index has formed a top in the month of June-2017. If the index manages to close above these levels then the index can move to the levels of 11200 to 11300 where the index has formed a top in the month of August-2016.

Broad range for the index in the coming week is seen from 10200 to 10300 on downside & 10800 to 10900 on upside.