EquityPandit’s Outlook for NIFTY IT for the week  (May 08, 2017 – May 12, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 10050 to 10100. Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10450 to 10530 where 200 Daily moving average and Fibonacci level is lying. During the week the index manages to hit a high of 10170 and close the week around the levels of 10086.

Minor support for the index lies in the zone of 10000. Support for the index lies in the zone of 9890 to 9930 where trend-line joining lows of 9295 and 9592 is lying and long term Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 9580 to 9620 levels where the index has formed a low in the month of February-2017.

Resistance for the index lies in the zone of 10200 to 10300 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of 10450 to 10500 where medium term moving averages and Fibonacci level is lying.

Broad range for the index in the coming week is seen from 9900 to 9930 on downside & 10300 to 10350 on upside.