EquityPandit’s Outlook for NIFTY IT for the week  (Feb 19, 2018 – Feb 23, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 12700 to 12800 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 13000 to 13100 from where the index broke down after consolidation and Fibonacci levels are lying. During the week the index manages to hit a high of 12687 and close the week around the levels of 12438.

Support for the index lies in the zone of 12200 to 12300 where Fibonacci 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 medium term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 12700 to 12800 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 13000 to 13100 from where the index broke down after consolidation and Fibonacci levels are lying.

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