EquityPandit’s Outlook for NIFTY IT for the week  ( Jan 15, 2018 – Jan 19, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 6.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 11650 to 11750. If the index manages to close above these levels then the index can move to the levels of 12000 to 12100. During the week the index manages to hit a high of 12179 and close the week around the levels of 12099.

Minor support for the index lies in the zone of 11900 to 12000. Support for the index lies in the zone of 11700 to 11800 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11300 to 11350 from where the index broke out of the double top pattern and Fibonacci levels are lying.

Resistance for the index lies in the zone of 12200 to 12300 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 12500 to 12600.

Broad range for the index in the coming week is seen from 11600 to 11700 on downside & 12500 to 12600 on upside.