EquityPandit’s Outlook for NIFTY IT for the week (January 11, 2016 – January 15, 2016):
Nifty IT index ended the week on negative note losing around 1.50%.
As we have mentioned last week that the Index has closed around the resistance zone of 11100 where channel resistance for the index is lying. Support for the index lies in the range of 11050 where trend-line support for the index is lying. If the index closes below this levels then the index can drift to the levels of 10800 to 10900 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the index manages to hit a low of 10822 and bounce to close the week around the levels of 11005.
Support for the index lies in the zone of 10800 to 10900 where 500 Daily SMA and 100 Weekly SMA are positioned. If the index closes below this levels then the index can be in a freefall zone where no support is visible. The next support lies in the zone of 10400 from where the index has broken out in the month of August – 2014.
Resistance for the index lies in the zone of 11150 to 11200 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels of 11500 where 100 & 200 Daily SMA are lying.
Broad range for the index in the coming week is seen from 10700 on downside to 11200 on upside.