EquityPandit’s Outlook for NIFTY IT for the week (Oct 21, 2019 – Oct 25, 2019):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 88.20 Points 0.58%.

Weekly High: 15,434.55

Weekly Low: 15,147.70

Weekly Close: 15,410.10

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15150 levels, whereas minor resistance on the upside is capped around 15550-15575 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 14900 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 15900.

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 15100 on downside and 15900 on upside.

RESISTANCE 2: 15,617

RESISTANCE 1: 15,513

SUPPORT 1: 15,227

SUPPORT 2: 15,043