EquityPandit’s Outlook for NIFTY IT for the week  (Aug 20, 2018 – Aug 24, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 3.00%.

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 15143 and close the week around the levels of 15126.

Support for the index lies in the zone of 14700 to 14800 where Fibonacci extension and high for the month of July-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 14200 to 14300 from where the index broke out of the top formed in the month of April-2018 and June-2018.

Resistance for the index lies in the zone of 15200 to 15300. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600.

Broad range for the index in the coming week is seen from 14600 to 14700 on downside & 15400 to 15500 on upside.