NIFTY IT Weekly Outlook and Analysis:

For the Week: (Jan 31, 2022 – Feb 04, 2022)

NIFTY IT Index closed the week on negative note losing 2202.60 points 6.11%.

Weekly High: 35,969.85

Weekly Low: 33,251.70

Weekly Close: 33,851.95

Weekly Support & Resistance For Nifty IT Index:

RESISTANCE 2	37,075
RESISTANCE 1	35,463
SUPPORT 1	32,745
SUPPORT 2	31,639

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 32900 levels, whereas minor resistance on the upside is capped around 34750-34800 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 31800 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 36000.

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 32000 on downside and 35800 on upside.

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