EquityPandit’s Outlook for NIFTY IT for the week (November 01, 2016 – November 04, 2016) :

NIFTY IT:

Nifty IT index ended the week on negative note losing around 4.00%.

As we have mentioned last week that minor support for the index lies in the zone of 10280 to 10320. Support for the index lies in the zone of 10000 to 10100 from where the index has bounced in the month of February – 2016. The index has seen a major breakdown and no support is visible. If the index manages to close below these levels then the index can drift to the levels of 9500 to 9600. During the week the index manages to hit a low of 10027 and close the week around the levels of 10048.

Support for the index lies in the zone of 10000 to 10100 from where the index has bounced in the month of February – 2016. The index has seen a major breakdown and no support is visible. If the index manages to close below these levels then the index can drift to the levels of 9500 to 9600.

Minor resistance for the index lies in the zone of 10200 to 10300. Resistance for the index lies around 10500 to 10600 from where the index has broken down from the double bottom pattern and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where long term moving averages are lying.

Broad range for the index in the coming week is seen from 9700 to 9750 on downside to 10300 to 10400 on upside.