EquityPandit’s Outlook for NIFTY IT for the week (May 4, 2020 – May 8, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 1292.20 Points 10.08%.

Weekly High: 14,212.10

Weekly Low: 12,928.05

Weekly Close: 14,108.40

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 13300 levels, whereas minor resistance on the upside is capped around 14550-14600 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 12800 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 15100.

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 13000 on downside and 15000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 15,033

RESISTANCE 1: 14,570

SUPPORT 1: 13,286

SUPPORT 2: 12,465