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NIFTY IT Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
NIFTY IT Index closed the week on negative note losing 197.75 points 1.00%.
Weekly High: 20,331.60
Weekly Low: 18,914.70
Weekly Close: 19,629.35
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 21,042 |
| RESISTANCE 1 | 20,335 |
| SUPPORT 1 | 18,918 |
| SUPPORT 2 | 18,208 |
NIFTY IT index has witnessed profit booking after strong run up. Index formed shooting star candle pattern on daily chart and marked reversal. We expect index likely to witnessed further profit booking or sideways corrective action.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 19300 levels, whereas minor resistance on the upside is capped around 19900-20000 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 18800 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 20400.
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 19000 on downside and 20300 on upside.
