EquityPandit’s Outlook for NIFTY IT for the week  (May 22, 2017 – May 26, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 0.80%.

As we have mentioned last week that resistance for the index lies in the zone of 10350 to 10400 where medium term moving averages & 200 Daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10550 to 10600 where trend-line resistance for the index is lying. During the week the index manages to hit a high of 10706 and close the week around the levels of 10456.

Support for the index lies in the zone of 10300 to 10350. Support for the index lies in the zone of 10150 to 10200 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9950 to 10000 where trend-line support for the index is lying.

Resistance for the index lies in the zone of 10550 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 10100 to 10200 on downside & 10600 to 10650 on upside.