EquityPandit’s Outlook for NIFTY IT for the week (December 07, 2015 – December 11, 2015):

NIFTY IT:

Nifty IT index ended the week on negative note losing around 1.40%.

As we have mentioned last week that the 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. During the week the index manages to hit a high of 11299 and sold off to the levels of 10971.

Support for the index lies in the zone of 10700 to 10800 where 500 Daily SMA and 100 Weekly SMA are positioned. If the index closes below this levels then the index can be in a free fall zone where no support is visible.

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.

Broad range for the index in the coming week is seen from 10700 on downside to 11200 on upside.