EquityPandit’s Outlook for NIFTY IT for the week  (Jan 14, 2019 – Jan 18, 2019) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.10%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 14300 to 14400. Resistance for the index lies in the zone of 14600 to 14700 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14900 to 15000 where Fibonacci levels are lying. During the week the index manages to hit a high of 14495 and close the week around the levels of 14307.

Support for the index lies in the zone of 14000 to 14200 where Fibonacci levels and low for the month of December-2018 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.

Minor resistance for the index lies in the zone of 14300 to 14400. Resistance for the index lies in the zone of 14600 to 14700 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14900 to 15000 where Fibonacci levels are lying.

Range for the week is seen from 13700 to 13800 on downside & 14700 to 14800 on upside.