EquityPandit’s Outlook for NIFTY IT for the week  (July 24, 2017 – July 28, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 3.70%.

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 10726 and close the week around the levels of 10711.

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

Minor resistance for the index lies in the zone of 10750 to 10800. Resistance for the index lies in the zone of 11000 to 11050 where the index has formed a top in the month of June-2017. If the index manages to close above these levels then the index can move to the levels of 11200 to 11300 where the index has formed a top in the month of August-2016.

Broad range for the index in the coming week is seen from 10400 to 10500 on downside & 11000 to 11100 on upside.