EquityPandit’s Outlook for NIFTY IT for the week  ( Oct 30, 2017 – Nov 03, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 10799 and close the week around the levels of 10862.

Minor support for the index lies in the zone of 10800 to 10830. 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 10500 to 10600 on downside & 11200 to 11300 on upside.