EquityPandit’s Outlook for NIFTY IT for the week  ( Jan 08, 2018 – Jan 12, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.30%.

As we have mentioned last week, that minor support for the index lies in the zone of 11500 to 11550. Support for the index lies in the zone of 11300 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 are lying. During the week the index manages to hit a low of 11510 and close the week around the levels of 11630.

Minor support for the index lies in the zone of 11500 to 11550. Support for the index lies in the zone of 11300 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 are lying.

Resistance for the index lies in the zone of 11650 to 11750. If the index manages to close above these levels then the index can move to the levels of 12000 to 12100.

Broad range for the index in the coming week is seen from 11300 to 11400 on downside & 11900 to 12000 on upside.