EquityPandit’s Outlook for NIFTY IT for the week (February 20, 2017 – February 24, 2017) :

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 1.30%.

As we have mentioned last week that minor support for the index lies in the zone of 10250 to 10300. Support for the index lies in the zone of 9900 to 10000 where Fibonacci level are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the month of December-2016. During the week the index manages to hit a low of 10319 and close the week around the levels of 10527.

Minor support for the index lies in the zone of 10250 to 10300. Support for the index lies in the zone of 9900 to 10000 where Fibonacci level are lying. If the index manages to close below these levels then the index can drift to the levels of 9700 to 9750 where the index has formed a bottom in the month of December-2016.

Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the double bottom pattern and 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 10700 to 10800 where trend-line joining earlier highs is lying.

Broad range for the index in the coming week is seen from 10250 to 10300 on downside to 10750 to 10800 on upside.