EquityPandit’s Outlook for NIFTY IT for the week  (Mar 05, 2018 – Mar 09, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 12800 to 12900 from where the index has opened gap down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 13400 to 13500 where the index has formed a top in the month of January-2018. During the week the index manages to hit a high of 12904 and close the week around the levels of 12769.

Minor support for the index lies in the zone of 12500 to 12600. Support for the index lies in the zone of 12200 to 12300 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11700 to 11800 where medium term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 12800 to 12900 from where the index has opened gap down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 13400 to 13500 where the index has formed a top in the month of January-2018.

Broad range for the index in the coming week is seen from 12400 to 12500 on downside & 13400 to 13500 on upside.