EquityPandit’s Outlook for NIFTY IT for the week  (Apr 16, 2018 – Apr 20, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 12800 to 12900 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 13400 to 13500 where the index has formed a top in the month of January-2018. During the week the index manages to hit a high of 13380 and close the week around the levels of 13260.

Support for the index lies in the zone of 12900 to 13000 from where the index broke out of March-2018 highs. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 from where the index broke out and short term moving averages are lying.

Resistance for the index lies in the zone of 13400 to 13500 where the index has formed a top in the month of January-2018. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000.

Broad range for the index in the coming week is seen from 12500 to 12600 on downside & 13800 to 13900 on upside.