EquityPandit’s Outlook for NIFTY IT for the week (Jan 13, 2020 – Jan 17, 2020)

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 23.30 Points 0.15%.

Weekly High: 16,067.65

Weekly Low: 15,799.80

Weekly Close: 15,959.90

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15650 levels, whereas minor resistance on the upside is capped around 16200-16225 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 15500 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 16400.

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 15600 on downside and 16300 on upside.

Weekly Pivot Levels:

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RESISTANCE 2: 16,210

RESISTANCE 1: 16,085

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SUPPORT 1: 15,817

SUPPORT 2: 15,674

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