EquityPandit’s Outlook for NIFTY IT for the week  ( Dec 26, 2017 – Dec 29, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the index lies in the zone of 11250 to 11350 where the index has formed a double top pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11450 to 11550. During the week the index manages to hit a high of 11533 and close the week around the levels of 11502.

Support for the index lies in the zone of 11250 to 11350 from where the index broke out of the double top pattern and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11050 to 11100 where long term Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 11450 to 11550. If the index manages to close above these levels then the index can move to the levels of 11650 to 11750.

Broad range for the index in the coming week is seen from 11100 to 11200 on downside & 11700 to 11800 on upside.