EquityPandit’s Outlook for NIFTY IT for the week  ( Jan 29, 2018 – Feb 02, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 13554 and close the week around the levels of 13138.

Support for the index lies in the zone of 12900 to 13000 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 12400 to 12500 where break out levels are lying.

Resistance for the index lies in the zone of 13500 to 13600. If the index manages to close above these levels then the index can move to the levels of 14000 to 14100.

Broad range for the index in the coming week is seen from 12400 to 12500 on downside & 13500 to 13600 on upside.