EquityPandit’s Outlook for NIFTY IT for the week  (Sep 24, 2018 – Sep 28, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 1.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 16200 to 16300. If the index manages to close above these levels then the index can move to the levels of 16500 to 16600. During the week the index manages to hit a high of 16207 and close the week around the levels of 15833.

Minor support for the index lies around 15800 to 15900. Support for the index lies in the zone of 15300 to 15400 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 15000 to 15100 from where the index broke out after consolidation.

Resistance for the index lies in the zone of 16200 to 16300. If the index manages to close above these levels then the index can move to the levels of 16500 to 16600.

Broad range for the index in the coming week is seen from 15300 to 15400 on downside & 16200 to 16300 on upside.