EquityPandit’s Outlook for NIFTY IT for the week  ( Nov 13, 2017 – Nov 17, 2017) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 10900 to 11000 where long term Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 11200 to 11300. During the week the index manages to hit a high of 11306 and close the week around the levels of 11222.

Support for the index lies in the zone of 10900 to 11000 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10750 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 11200 to 11300 from where the index has sold off in the month of August-2016. If the index manages to close above these levels then the index can move to the levels of 11600 to 11700.

Broad range for the index in the coming week is seen from 10900 to 11000 on downside & 11600 to 11700 on upside.