EquityPandit’s Outlook for NIFTY IT for the week (February 01, 2016 – February 05, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 2.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 10984 and bounce to close the week around the levels of 11240.

Support for the index lies in the zone of 10900 to 11000 where short term moving averages, 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 11300 to 11500 where 100 & 200 Daily SMA are lying. If the index manages to close above the this levels then the index can move to the levels of 11700 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 11000 on downside to 11500 on upside.