EquityPandit’s Outlook for NIFTY IT for the week (May 02, 2016 – May 06, 2016):

NIFTY IT:

Nifty IT index ended the week on negative note losing around 1.10%.

As we have mentioned last week that resistance for the index lies in the zone of 11500 to 11600 where trend-line joining earlier highs is lying. If the index manages to close above this levels then the index can move to the levels of 12000. During the week the index manages to hit a high of 11508 and close the week around the levels of 11182.

Support for the index lies in the range of 10900 to 11000 where 100 & 500 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 from where the index has bounced in the month of March – 2016.

Resistance for the index lies in the zone of 11200 to 11300 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 11500 to 11600 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 10900 on downside to 11500 on upside.