EquityPandit’s Outlook for NIFTY IT for the week  ( Oct 03, 2017 – Oct 06, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.50%.

As we have mentioned last week, that minor support for the index lies in the zone of 10480 to 10500. 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 are lying. During the week the index manages to hit a low of 10454 and close the week around the levels of 10475.

Support for the index lies in the zone of 10300 to 10400 where 200 daily 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 are lying.

Resistance for the index lies in the zone of 10550 to 10600 where short 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 10700 to 10750 where the index has formed a top in the month of September-2017.

Broad range for the index in the coming week is seen from 10200 to 10300 on downside & 10700 to 10800 on upside.