EquityPandit’s Outlook for NIFTY IT for the week  (July 30, 2018 – Aug 03, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 14700 to 14800 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 15200 to 15300. During the week the index manages to hit a high of 14769 and close the week around the levels of 14518.

Minor support for the index lies around 14400 to 14500. Support for the index lies in the zone of 14200 to 14300 from where the index broke out of the top formed in the month of April-2018 and June-2018. If the index manages to close below these levels then the index can drift to the levels of 13400 to 13500 from where the index broke out of January-2018 high.

Resistance for the index lies in the zone of 14700 to 14800 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 15200 to 15300.

Broad range for the index in the coming week is seen from 14000 to 14100 on downside & 14900 to 15000 on upside.