EquityPandit’s Outlook for NIFTY IT for the week (January 04, 2016 – January 08, 2016):

NIFTY IT:

Nifty IT index ended the week on absolutely flat note.

As we have mentioned last week that the resistance for the index lies in the zone of 11100 where channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11300 to 11400 where trend-line resistance for the index is positioned. During the week the index manages to hit a high of 11303 and retraced to close the week around the levels of 11175.

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.

Index has closed around the resistance zone of 11100 where channel resistance for the index is lying. If the index manages to close above this levels then the index can move to the levels of 11300 to 11400 where 100 & 200 Daily SMA and trend-line resistance for the index is positioned.

The index has formed a Shooting Star pattern in an uptrend indicating the trend reversal. The index has to close above the levels of 11300 to negate this pattern.

Broad range for the index in the coming week is seen from 10800 on downside to 11300 on upside.