EquityPandit’s Outlook for NIFTY IT for the week (May 30, 2016 – June 03, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 3.50%.

As we have mentioned last week that support for the index lies in the zone of 10700 to 10800 from where the index has bounced in the month of March – 2016. If the index manages to close below these levels then the index can drift to the levels of 10400 to 10500. During the week the index manages to hit a low of 10868 and close the week around the levels of 11421.

Support for the index lies in the zone of 11100 to 11200 where short term moving averages and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 from where the index has bounced in the month of March – 2016.

Resistance for the index lies in the zone of 11650 to 11700 where the index has hit a high in the month of April – 2016. If the index manages to close above these levels then the index can move to the levels of 12000 from where the index has sold off in the month of Oct – 2015.

Broad range for the index in the coming week is seen from 11000 on downside to 11800 on upside.