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

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 1.40%.

As we have mentioned last week that minor support for the index lies in the zone of 10650 to 10680. Support for the index lies in the zone of 10500 to 10550 from where the index has broken out from the double top pattern and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a low of 10678 and close the week around the levels of 10900.

Minor support for the index lies in the zone of 10750 to 10800. Support for the index lies in the zone of 10600 to 10650 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 from where the index has broken out from the double top pattern and 200 Daily SMA is lying.

Resistance for the index lies in the zone of 11000 to 11050 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11300 from where the index broke down in the month of August-2016.

Broad range for the index in the coming week is seen from 10600 to 10650 on downside & 11250 to 11300 on upside.