Signals, Powered By EquityPandit
NIFTY IT Weekly Outlook and Analysis:
For the Week: (Oct 05,2020 – Oct 09,2020)
NIFTY IT Index closed the week on positive note gaining 481.05 points 2.45%.
Weekly High: 20,196.05
Weekly Low: 19,463.65
Weekly Close: 20,110.40
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 20,655 |
| RESISTANCE 1 | 20,383 |
| SUPPORT 1 | 19,650 |
| SUPPORT 2 | 19,190 |
NIFTY IT index has witnessed muted buying amid recovery in broader indices. Index formed inside day candle pattern on weekly charts. We expect index could continue its uptrend if index surpass its strong resistance at 20300 levels.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 19700 levels, whereas minor resistance on the upside is capped around 20300-20350 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 19200 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 20700.
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 19500 on downside and 20600 on upside.
