EquityPandit’s Outlook for NIFTY IT for the week  (Apr 23, 2018 – Apr 27, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 4.90%.

As we have mentioned last week, that support for the index lies in the zone of 12900 to 13000 from where the index broke out of March-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 from where the index broke out and short term moving averages are lying. During the week the index manages to hit a low of 12935 and close the week around the levels of 13910.

Support for the index lies in the zone of 13400 to 13500 from where the index broke out of January-2018 high. If the index manages to close below these levels then the index can drift to the levels of 12900 to 13000 from where the index broke out of March-2018 highs.

Resistance for the index lies in the zone of 13900 to 14000. If the index manages to close above these levels then the index can move to the levels of 14400 to 14500.

Broad range for the index in the coming week is seen from 13400 to 13500 on downside & 14400 to 14500 on upside.