EquityPandit’s Outlook for NIFTY IT for the week (September 26, 2016 – September 30, 2016) :

NIFTY IT:

Nifty IT index ended the week on absolutely flat note.

As we have mentioned last week that resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the short term bottom. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where short term and long term moving averages are lying. During the week the index manages to hit a high of 10531 and close the week around the levels of 10391.

Minor support for the index lies in the zone of 10250 to 10300. 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.

Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the double bottom pattern. 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 10000 to 10100 on downside to 10600 to 10700 on upside.