EquityPandit’s Outlook for NIFTY IT for the week  (Nov 19, 2018 – Nov 23, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 14800 to 15000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 from where the index has broken down from September-2018 low and short term moving averages are lying. During the week the index manages to hit a high of 14822 and close the week around the levels of 14473.

Minor support for the index lies in the zone of 14200 to 14300. Support for the index lies in the zone of 13700 to 13900 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13200 to 13300 where the index has taken support in the month of May-2018 and June-2018.

Resistance for the index lies in the zone of 14800 to 15000 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 from where the index has broken down from September-2018 low and short term moving averages are lying.

Range for the week is seen from 13900 to 14000 on downside & 15000 to 15100 on upside.