EquityPandit’s Outlook for NIFTY IT for the week  (June 05, 2017 – June 09, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.20%.

As we have mentioned last week that support for the index lies in the zone of 10550 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 are lying. During the week the index manages to hit a low of 10467 and close the week around the levels of 10609.

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 are lying.

Minor resistance for the index lies in the zone of 10700 to 10750. Resistance for the index lies in the zone of 10900 to 11000 where highs for the month of March-2017 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11300 to 11400 from where the index sold off in the month of August-2016.

Broad range for the index in the coming week is seen from 10300 to 10400 on downside & 10900 to 11000 on upside.