EquityPandit’s Outlook for NIFTY IT for the week  (July 02, 2018 – July 06, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that minor resistance for the index lies around 13900 to 14000. Resistance for the index lies in the zone of 14200 to 14300 where the index has formed a top in the month of April-2018. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600. During the week the index manages to hit a high of 14143 and close the week around the levels of 13989.

Support for the index lies in the zone of 13400 to 13500 from where the index broke out of January-2018 high. If the index manages to close below these levels then the index can drift to the levels of 12900 to 13000 from where the index broke out of March-2018 high and Fibonacci levels are lying.

Minor resistance for the index lies around 13900 to 14000. Resistance for the index lies in the zone of 14200 to 14300 where the index has formed a top in the month of April-2018 and June-2018. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600.

Broad range for the index in the coming week is seen from 13500 to 13600 on downside & 14300 to 14400 on upside.