EquityPandit’s Outlook for NIFTY IT for the week  ( Dec 11, 2017 – Dec 15, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that support for the index lies in the zone of 10850 to 10900 where break out 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 10600 to 10700 where medium & long term moving averages and trend-line support for the index is lying. During the week the index manages to hit a low of 10901 and close the week around the levels of 11173.

Support for the index lies in the zone of 11050 to 11100 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10850 to 10900 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 11250 to 11350 where the index has formed a double top pattern and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11450 to 11550.

Broad range for the index in the coming week is seen from 10700 to 10800 on downside & 11400 to 11500 on upside.