EquityPandit’s Outlook for NIFTY IT for the week  (July 17, 2017 – July 21, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10500 to 10600 where trend-line resistance and Fibonacci levels for the index is lying. During the week the index manages to hit a high of 10612 and close the week around the levels of 10331.

Support for the index lies in the zone of 10220 to 10270. Support for the index lies in the zone of 10000 to 10100 where Fibonacci levels and trend-line support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 9850 to 9900 where the index has formed a bottom in the month of April-2017.

Resistance for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 10500 to 10600 where trend-line resistance and Fibonacci levels for the index is lying.

Broad range for the index in the coming week is seen from 9900 to 10000 on downside & 10600 to 10700 on upside.