NIFTY IT Weekly Outlook and Analysis:

For the Week: (Jan 25,2021 – Jan 29,2021)

NIFTY IT Index closed the week on positive note gaining 126.95 points 0.48%.

Weekly High: 26,872.95

Weekly Low: 25,830.40

Weekly Close: 26,489.75

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened flat and dragged in opening session of weak tracking broader indices. Index recouped losses in second half and managed to end on positive note. Index formed doji candle pattern on weekly chart, which suggest indecisiveness of trend. We expect index likely to continue its sideways corrective action going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25900 levels, whereas minor resistance on the upside is capped around 26950-27000 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 25300 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 27400.

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 25500 on downside and 27300 on upside.