EquityPandit’s Outlook for NIFTY IT for the week (February 27, 2017 – March 03, 2017) :

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 1.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10802 and close the week around the levels of 10690.

Support for the index lies in the zone of 10500 to 10600 from where the index has broken out from the double top pattern and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 10800 to 10850 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 11000 where long term Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 10300 to 10350 on downside and 10950 to 11000 on upside.