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NIFTY IT Weekly Outlook and Analysis:
For the Week: (Oct 18,2021 – Oct 22,2021)
NIFTY IT Index closed the week on negative note losing 657.20 points 1.81%.
Weekly High: 36,412.45
Weekly Low: 34,512.80
Weekly Close: 35,744.80
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 37,456 |
| RESISTANCE 1 | 36,600 |
| SUPPORT 1 | 34,700 |
| SUPPORT 2 | 33,657 |
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 35200 levels, whereas minor resistance on the upside is capped around 36400-36450 levels.
If Nifty IT index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 34600 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 37000.
Currently Nifty IT index is trading above 200 days exponential moving average and suggests long term trend is bullish. Equity Pandit’s analyst predicts range for the week is seen from 34700 on downside and 36900 on upside.
