EquityPandit’s Outlook for NIFTY IT for the week  (June 18, 2018 – June 22, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 13900 to 14000 where the index has formed a top in the month of May-2018. If the index manages to close above these levels then the index can move to the levels of 14200 to 14300 where the index has formed a top in the month of April-2018. During the week the index manages to hit a high of 14152 and close the week around the levels of 14121.

Minor support for the index lies around 13900 to 14000. Support for the index lies in the zone of 13400 to 13500 from where the index broke out of January-2018 high. If the index manages to close below these levels then the index can drift to the levels of 12900 to 13000 from where the index broke out of March-2018 high and short term moving averages are lying.

Resistance for the index lies in the zone of 14200 to 14300 where the index has formed a top in the month of April-2018. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600.

Broad range for the index in the coming week is seen from 13600 to 13700 on downside & 14500 to 14600 on upside.