NIFTY IT Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY IT closed the week on positive note gaining 785.85 points 4.55%.

Weekly High: 18,353.50

Weekly Low: 17,290.55

Weekly Close: 18,071.85

Nifty I.T. Weekly Support and Resistance Levels:

NIFTY IT index is in strong uptrend, index trading at its all time highs. However, momentum indicator seems overbought so it is advisable to buy on dip until index trade above its rising trend line.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 17450 levels, whereas minor resistance on the upside is capped around 18450-18500 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 16800 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 19000.

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 17200 on downside and 18800 on upside.