EquityPandit’s Outlook for NIFTY IT for the week  ( Oct 09, 2017 – Oct 13, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 10666 and close the week around the levels of 10655.

Support 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 below these levels then the index can drift to the levels of 10300 to 10400 where 200 daily moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 10700 to 10750 where the index has formed a top in the month of September-2017. If the index manages to close above these levels then the index can move to the levels of 10850 to 10900 where the index has formed a top in the month of July-2017 & August-2017.

Broad range for the index in the coming week is seen from 10400 to 10500 on downside & 10800 to 10900 on upside.