EquityPandit’s Outlook for NIFTY IT for the week  (June 12, 2017 – June 16, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 11016 and close the week around the levels of 10443.

Support 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 below these levels then the index can drift to the levels of 10000 to 10100 where Fibonacci levels and trend-line support for the index is lying.

Resistance for the index lies in the zone of 10500 to 10600 where trend-line resistance and Fibonacci levels for the index is lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where highs for the month of March-2017 and Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 10000 to 10100 on downside & 10700 to 10800 on upside.