EquityPandit’s Outlook for NIFTY IT for the week  (Dec 17, 2018 – Dec 21, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that 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 low for the month of October-2018 & November-2018 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. During the week the index manages to hit a low of 14307 and close the week around the levels of 14851.

Minor support for the index lies in the zone of 14500 to 14600. Support for the index lies in the zone of 14200 to 14300 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 13700 to 13900 where Fibonacci levels and low for the month of October-2018 & November-2018 are lying.

Resistance for the index lies in the zone of 14900 to 15000 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15400 to 15600 from where the index has broken down from September-2018 low.

Range for the week is seen from 14200 to 14400 on downside & 15200 to 15400 on upside.