EquityPandit’s Outlook for NIFTY IT for the week (August 29, 2016 – September 02, 2016) :

NIFTY IT:

Nifty IT index ended the week on negative note losing around 1.90%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10846 and close the week around the levels of 10523.

The index has closed just below the support zone of 10550 to 10600 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 10200 to 10300 on downside to 10700 to 10800 on upside.