EquityPandit’s Outlook for NIFTY IT for the week (April 04, 2016 – April 08, 2016):

NIFTY IT:

Nifty IT index ended the week on absolutely flat note.

As we have mentioned last week that support for the index lies in the zone of 11000 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 10600 to 10700 from where the index has broken down from the lows of Jan – 2016. During the week the index manages to hit a low of 11089 and bounce to close the week around the levels of 11200.

Support for the index lies in the zone of 10900 to 11000 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 10600 to 10700 from where the index has broken down from the lows of Jan – 2016.

Resistance for the index lies in the zone of 11300 to 11400 where 200 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 11600 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 10800 on downside to 11500 on upside.