EquityPandit’s Outlook for NIFTY IT for the week  ( Sep 18, 2017 – Sep 22, 2017) :  

NIFTY IT:

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

As we have mentioned last week, that support for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10100 where Fibonacci levels are lying. During the week the index manages to hit a low of 10428 and close the week around the levels of 10600.

Minor support for the index lies in the zone of 10480 to 10500. Support for the index lies in the zone of 10300 to 10400 where short & long term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10100 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 10700 to 10800 from where the index has broken down. If the index manages to close above these levels then the index can move to the levels of 11000 to 11050 where the index has formed a top in the month of June-2017.

Broad range for the index in the coming week is seen from 10300 to 10400 on downside & 10900 to 11000 on upside.