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Nifty IT Index Weekly Outlook and Analysis:

For the Week: (June 19, 2023 – June 23, 2023)

Nifty IT Outlook for the Week (June 19, 2023 – June 23, 2023)

NIFTY IT Index closed the week on positive note gaining 233.45 points 0.82%.

Weekly High: 28,974.15

Weekly Low: 28,402.55

Weekly Range: 28,588.80

Weekly Support & Resistance For Nifty IT:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 28,200 levels, whereas minor resistance on the upside is capped around 28,950-29,000 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 27,600 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 29,600.

Currently Nifty IT index is trading below 200 days exponential moving average and suggests long term trend is bearish. Equity Pandit’s analyst predicts range for the week is seen from 27,700 on downside and 29,500 on upside.