EquityPandit’s Outlook for NIFTY IT for the week  ( Dec 04, 2017 – Dec 08, 2017) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 3.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 11250 to 11350 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. During the week the index manages to hit a high of 11326 and close the week around the levels of 10948.

Support for the index lies in the zone of 10850 to 10900 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10600 to 10700 where medium & long term moving averages and trend-line support for the index is lying.

Resistance for the index lies in the zone of 11050 to 11100 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 11250 to 11350 from where the index has sold off in the month of August-2016.

Broad range for the index in the coming week is seen from 10600 to 10700 on downside & 11200 to 11300 on upside.