EquityPandit’s Outlook for NIFTY IT for the week  ( Oct 16, 2017 – Oct 19, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 10700 to 10750 where the index has formed a top in the month of September-2017. If the index manages to close above these levels then the index can move to the levels of 10850 to 10900 where the index has formed a top in the month of July-2017 & August-2017. During the week the index manages to hit a high of 10997 and close the week around the levels of 10924.

Minor support for the index lies in the zone of 10830 to 10870. Support for the index lies in the zone of 10700 to 10750 where the index has formed a top in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 10550 to 10600 where short term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 10900 to 11000 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11200 to 11300.

Broad range for the index in the coming week is seen from 10700 to 10750 on downside & 11200 to 11300 on upside.