EquityPandit’s Outlook for NIFTY IT for the week  (Oct 22, 2018 – Oct 26, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 14800 to 14900 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 from where the index has broken down from September-2018 low and short term moving averages are lying. During the week the index manages to hit a high of 15191 and close the week around the levels of 14477.

Support for the index lies in the zone of 14300 to 14350 from where the index broke out of April-2018 and June-2018 high. If the index manages to close below these levels then the index can drift to the levels of 13800 to 13900 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 14800 to 14900 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 from where the index has broken down from September-2018 low and short term moving averages are lying.

Broad range for the index in the coming week is seen from 14000 to 14100 on downside & 15000 to 15100 on upside.