EquityPandit’s Outlook for NIFTY IT for the week  (Mar 05, 2019 – Mar 08, 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 15700 to 15800 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 16300 to 16400 where high for the month of September-2018 and October-2018 are lying. During the week the index manages to hit a high of 16069 and close the week around the levels of 15848.

Minor support for the index lies in the zone of 15700 to 15800. 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 where Fibonacci levels and medium term moving averages are lying.

Resistance for the index lies in the zone of 16100 to 16200 where the index has formed a high in the month of February-2019. If the index manages to close above these levels then the index can move to the levels of 16300 to 16400 where high for the month of September-2018 and October-2018 are lying.

Range for the week is seen from 15400 to 15500 on downside & 16100 to 16200 on upside.