EquityPandit’s Outlook for NIFTY IT for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 116.15 Points 0.71%.

Weekly High: 16,501.20

Weekly Low: 16,133.60

Weekly Close: 16,472.75

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 16250 levels, whereas minor resistance on the upside is capped around 16575-16600 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 16000 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 16700 on upside.

Weekly Pivot Level For Nifty CNX I.T. Index:

RESISTANCE 2: 16,736

RESISTANCE 1: 16,604

SUPPORT 1: 16,237

SUPPORT 2: 16,001