EquityPandit’s Outlook for NIFTY IT for the week (February 06, 2017 – February 10, 2017) :

NIFTY IT:

Nifty IT index ended the week on negative note losing around 1.50%.

As we have mentioned last week that support for the index lies in the zone of 10000 to 10100 where short term moving averages are lying and Fibonacci level are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the month of December-2016. During the week the index manages to hit a low of 9592 and close the week around the levels of 10026.

Support for the index lies in the zone of 9900 to 10000 where Fibonacci level are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the month of December-2016.

Minor resistance for the index lies in the zone of 10100 to 10200. Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the double bottom pattern and 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 9800 to 9850 on downside to 10300 to 10350 on upside.