EquityPandit’s Outlook for NIFTY IT for the week  (Apr 02, 2018 – Apr 06, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 12500 to 12600. 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 Fibonacci levels are lying. During the week the index manages to hit a low of 12392 and close the week around the levels of 12511.

Minor support for the index lies in the zone of 12500 to 12600. 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 Fibonacci levels are lying.

Resistance for the index lies in the zone of 12800 to 12900 from where the index has opened gap down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 13400 to 13500 where the index has formed a top in the month of January-2018.

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