EquityPandit’s Outlook for NIFTY IT for the week (September 06, 2016 – September 09, 2016) :

NIFTY IT:

Nifty IT index ended the week on absolutely flat note.

As we have mentioned last week that the index has closed just below the support zone of 10550 to 10600 from where the index has bounced in the month of July – 2016. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index has bounced in the month of February – 2016. During the week the index manages to hit a low of 10330 and close the week around the levels of 10528.

The index has closed around the support zone of 10525 to 10575 from where the index has bounced in the month of July – 2016. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index has bounced in the month of February – 2016.

Minor resistance for the index lies in the zone of 10650 to 10700. Resistance for the index lies in the zone of 10900 to 11000 where short term and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 11300 from where the index has sold off in the month of August – 2016.

Broad range for the index in the coming week is seen from 10200 to 10300 on downside to 10700 to 10800 on upside.