EquityPandit’s Outlook for NIFTY IT for the week  (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 4.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 13770 and close the week around the levels of 13799.

Support for the index lies in the zone of 13700 to 13900 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13200 to 13300 where the index has taken support in the month of May-2018 and June-2018.

Minor resistance for the index lies in the zone of 14200 to 14300. Resistance for the index lies in the zone of 14700 to 14800 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 13100 to 13300 on downside & 14500 to 14700 on upside.