EquityPandit’s Outlook for NIFTY IT for the week  (May 29, 2017 – June 02, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.70%.

As we have mentioned last week that resistance for the index lies in the zone of 10550 to 10600 where trend-line resistance and Fibonacci levels for the index is lying. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 where highs for the month of March-2017 and Fibonacci levels are lying. During the week the index manages to hit a high of 10792 and close the week around the levels of 10735.

Support for the index lies in the zone of 10550 to 10600 where trend-line support and Fibonacci levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where short & long term moving averages are lying.

Resistance for the index lies in the zone of 10900 to 11000 where highs for the month of March-2017 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11300 to 11400 from where the index sold off in the month of August-2016.

Broad range for the index in the coming week is seen from 10400 to 10500 on downside & 10900 to 11000 on upside.