EquityPandit’s Outlook for NIFTY IT for the week (March 14, 2017 – March 17, 2017) :

NIFTY IT:

Nifty IT index ended the week on negative note losing around 0.50%.

As we have mentioned last week that resistance for the index lies in the zone of 10800 to 10850 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 11000 where long term Fibonacci levels are lying. During the week the index manages to hit a high of 10822 and close the week around the levels of 10750.

Minor support for the index lies in the zone of 10650 to 10680. Support for the index lies in the zone of 10500 to 10550 from where the index has broken out from the double top pattern and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 10800 to 10850 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 11000 where long term Fibonacci levels are lying.

Broad range for the index in the coming week is seen from 10500 to 10550 on downside & 10950 to 11000 on upside.