EquityPandit’s Outlook for NIFTY IT for the week (August 22, 2016 – August 26, 2016):

NIFTY IT:

Nifty IT index ended the week on negative note losing around 4.00%.

As we have mentioned last week that support for the index lies in the zone of 11050 to 11100 where short term moving averages and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10800 to 10900. During the week the index manages to hit a low of 10722 and close the week around the levels of 10728.

Support for the index lies in the zone of 10600 to 10700 from where the index has bounced in the month of July – 2016. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index has bounced in the month of February – 2016.

Minor resistance for the index lies in the zone of 10850 to 10900. Resistance for the index lies in the zone of 10900 to 11000 where short term and long term moving averages 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 has sold off in the month of August – 2016.

Broad range for the index in the coming week is seen from 10500 on downside to 11000 on upside.