EquityPandit’s Outlook for NIFTY IT for the week (January 30, 2017 – February 03, 2017) :

NIFTY IT:

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

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 10029 and close the week around the levels of 10182.

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.

Minor resistance for the index lies in the zone of 10200 to 10300. Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the double bottom pattern. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where 200 Daily SMA 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.