EquityPandit’s Outlook for NIFTY IT for the week  ( Dec 18, 2017 – Dec 22, 2017) :  

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 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. During the week the index manages to hit a high of 11342 and close the week around the levels of 11288.

Support for the index lies in the zone of 11050 to 11100 where long term 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 10850 to 10900 where break out levels and medium 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 10900 to 11000 on downside & 11500 to 11600 on upside.