EquityPandit’s Outlook for NIFTY IT for the week (May 11, 2020 – May 15, 2020):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing 704.80 Points 5.00%.

Weekly High: 13,700.25

Weekly Low: 13,262.25

Weekly Close: 13,403.60

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 13000 levels, whereas minor resistance on the upside is capped around 13750-13800 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 12600 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 14200.

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 12800 on downside and 14000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 13,893

RESISTANCE 1: 13,648

SUPPORT 1: 13,210

SUPPORT 2: 13,017