EquityPandit’s Outlook for NIFTY IT for the week (Jan 20, 2020 – Jan 24, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 396.70 Points 2.49%.

Weekly High: 16,447.35

Weekly Low: 16,075.75

Weekly Close: 16,356.60

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 16200 levels, whereas minor resistance on the upside is capped around 16475-16500 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 15900 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 16700.

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 16100 on downside and 16600 on upside.

RESISTANCE 2: 16,664

RESISTANCE 1: 16,510

SUPPORT 1: 16,139

SUPPORT 2: 15,921