EquityPandit’s Outlook for NIFTY IT for the week  (May 28, 2018 – June 01, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that 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 short term moving averages are lying. During the week the index manages to hit a low of 13420 and close the week around the levels of 13899.

Minor support for the index lies in the zone of 13650 to 13750. 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 short term moving averages are lying.

Resistance for the index lies in the zone of 13900 to 14000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 14200 to 14300 where the index has formed a top in the month of April-2018.

Broad range for the index in the coming week is seen from 13500 to 13600 on downside & 14200 to 14300 on upside.