EquityPandit’s Outlook for NIFTY IT for the week (December 28, 2015 – January 01, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 0.50%.

As we have mentioned last week that the resistance for the index lies in the zone of 11100 where channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11300 to 11400 where trend-line resistance for the index is positioned. During the week the index manages to hit a high of 11232 and close the week around the levels of 11180.

Support for the index lies in the range of 11050 where trend-line support for the index is lying. If the index closes below this levels then the index can drift to the levels of 10800 to 10900 where 500 Daily SMA and 100 Weekly SMA are positioned.

Index has closed around the resistance zone of 11100 where channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11300 to 11400 where trend-line resistance for the index is positioned.

The index has been consolidating in the range of 10800 on downside to 11300 on upside since last 06 weeks. A breakout on either side will move the index further 4% to 5% in that direction.

Broad range for the index in the coming week is seen from 10800 on downside to 11300 on upside.