EquityPandit’s Outlook for NIFTY IT for the week  ( Jan 22, 2018 – Jan 25, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 4.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 12200 to 12300 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 12500 to 12600. During the week the index manages to hit a high of 12668 and close the week around the levels of 12634.

Minor support for the index lies in the zone of 12300 to 12400. Support for the index lies in the zone of 12000 to 12100 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11700 to 11800 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 12900 to 13000 where life time high for the index is lying. If the index manages to close above these levels then the index can move to the levels of 13500 to 13600.

Broad range for the index in the coming week is seen from 12000 to 12100 on downside & 13000 to 13100 on upside.