NIFTY IT Weekly Outlook and Analysis:

For the Week: (Dec 27,2021 – Dec 31,2021)

NIFTY IT Index closed the week on positive note gaining 1079.90 points 2.95%.

Weekly High: 37,822.15

Weekly Low: 35,559.30

Weekly Close: 37,727.80

Weekly Support & Resistance For Nifty IT Index:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 37200 levels, whereas minor resistance on the upside is capped around 38150-38200 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 36600 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 38800.

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 36700 on downside and 38600 on upside.