EquityPandit’s Outlook for NIFTY IT for the week  (Oct 01, 2018 – Oct 05, 2018) :  

NIFTY IT:

Nifty IT index closed the week on absolutely flat note.

As we have mentioned last week, that minor support for the index lies around 15800 to 15900. Support for the index lies in the zone of 15300 to 15400 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 15000 to 15100 from where the index broke out after consolidation. During the week the index manages to hit a low of 15735 and close the week around the levels of 15838.

Minor support for the index lies around 15800 to 15900. Support for the index lies in the zone of 15300 to 15400 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 15000 to 15100 from where the index broke out after consolidation.

Resistance for the index lies in the zone of 16250 to 16350 where the index has formed a high in the month of September-2018. If the index manages to close above these levels then the index can move to the levels of 16600 to 16700.

Broad range for the index in the coming week is seen from 15300 to 15400 on downside & 16200 to 16300 on upside.