EquityPandit’s Outlook for NIFTY IT for the week  (Feb 18, 2019 – Feb 22, 2019) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the index lies in the zone of 15700 to 15800 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 15300 to 15400 where Fibonacci levels are lying. During the week the index manages to hit a low of 15620 and close the week around the levels of 15816.

Support for the index lies in the zone of 15700 to 15800 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 15300 to 15400 where Fibonacci levels are lying.

Minor resistance for the index lies around 16000 to 16100. Resistance for the index lies in the zone of 16300 to 16400 where high for the month of September-2018 and October-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 16800 to 17000.

Range for the week is seen from 15300 to 15400 on downside & 16200 to 16300 on upside.