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

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.60%.

As we have mentioned last week, that support for the index lies in the zone of 10900 to 11000 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10750 where break out levels and short term moving averages are lying. During the week the index manages to hit a low of 11059 and close the week around the levels of 11150.

Support for the index lies in the zone of 10950 to 11050 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 11200 to 11300 from where the index has sold off in the month of August-2016. If the index manages to close above these levels then the index can move to the levels of 11600 to 11700.

Broad range for the index in the coming week is seen from 10800 to 10900 on downside & 11300 to 11400 on upside.