EquityPandit’s Outlook for NIFTY IT for the week  (April 03, 2017 – April 07, 2017) :

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.60%.

As we have mentioned last week that support for the index lies in the zone of 10650 to 10680 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 from where the index has broken out from the double top pattern, Fibonacci level and 200 Daily SMA is lying. During the week the index manages to hit a low of 10631 and close the week around the levels of 10703.

Support for the index lies in the zone of 10650 to 10680 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 10470 to 10520 from where the index has broken out from the double top pattern, Fibonacci level and 200 Daily SMA is lying.

Minor resistance for the index lies in the zone of 10800 to 10900. Resistance for the index lies in the zone of 11000 to 11050 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11300 from where the index broke down in the month of August-2016.

Broad range for the index in the coming week is seen from 10400 to 10450 on downside & 11000 to 11050 on upside.