EquityPandit’s Outlook for NIFTY IT for the week  (Dec 24, 2018 – Dec 28, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 4.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 14900 to 15000 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15400 to 15600 from where the index has broken down from September-2018 low. During the week the index manages to hit a high of 14931 and close the week around the levels of 14208.

Support for the index lies in the zone of 14200 to 14300 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13700 to 13900 where Fibonacci levels and low for the month of October-2018 & November-2018 are lying.

Minor resistance for the index lies in the zone of 14500 to 14600. Resistance for the index lies in the zone of 14900 to 15000 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15400 to 15600 from where the index has broken down from September-2018 low.

Range for the week is seen from 13500 to 13800 on downside & 14600 to 14800 on upside.