EquityPandit’s Outlook for NIFTY IT for the week  (Sep 03, 2018 – Sep 07, 2018) :  

NIFTY IT:

Nifty IT index closed the week on positive note gaining around 3.60%.

As we have mentioned last week, that Resistance for the index lies in the zone of 15200 to 15300. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600. During the week the index manages to hit a high of 15834 and close the week around the levels of 15811.

Minor support for the index lies around 15500 to 15600. Support for the index lies in the zone of 15000 to 15100 from where the index broke out after consolidation. If the index manages to close below these levels then the index can drift to the levels of 14700 to 14800 where Fibonacci extension and high for the month of July-2018 is lying.

Resistance for the index lies in the zone of 15900 to 16000 where Fibonacci extension levels are lying. If the index manages to close above these levels then the index can move to the levels of 16400 to 16500.

Broad range for the index in the coming week is seen from 15400 to 15500 on downside & 16100 to 16200 on upside.