EquityPandit’s Outlook for NIFTY IT for the week (November 16, 2015 – November 20, 2015):
Nifty IT index ended the week on negative note losing around 3.3%.
As we have mentioned last week that the index has close just below the support zone of 11500 where 100 Daily SMA is lying. If the index closes below the levels of 11400 then the index can drift to the levels of 11300 where trend-line support for the index is positioned. During the week the index broke the support of 11300 and drifted to the levels of 11000 where the index has taken support around the channel in which the index is trading.
Support for the index lies in the zone of 11050 where channel support for the index is positioned. If the index closes below the levels of 11050 then the index can drift to the levels of 10700 to 10800 where 500 Daily SMA and 100 Weekly SMA are positioned.
Resistance for the index lies in the zone of 11300 to 11400 where trend-line resistance for the index is positioned. If the index manages to close above this levels then the index can move to the levels of 11500 to 11600 where 100 & 200 Daily SMA are positioned.
Broad range for the index in the coming week is seen from 10700 on downside to 11300 on upside.