EquityPandit’s Outlook for NIFTY IT for the week  (Jan 28, 2019 – Feb 1, 2019) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 14950 to 15050 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15300 to 15400 where Fibonacci levels are lying. During the week the index manages to hit a high of 15161 and close the week around the levels of 15039.

Support for the index lies in the zone of 14600 to 14700 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 14300 to 14400 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 14950 to 15050 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15300 to 15400 where Fibonacci levels are lying.

Range for the week is seen from 14500 to 14600 on downside & 15400 to 15500 on upside.