NIFTY IT Weekly Outlook and Analysis:

For the Week: (Feb 15,2021 – Feb 19,2021)

NIFTY IT Index closed the week on positive note gaining 685.85 points 2.78%.

Weekly High: 25,949.70

Weekly Low: 24,308.90

Weekly Close: 25,331.60
Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened higher and rallied in opening session of the weak tracking broader indices. Index witnessed short covering in early part of the week, However, index gave up partial gain in later half of the week. We expect index likely to continue its southward journey going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 24600 levels, whereas minor resistance on the upside is capped around 26000-26050 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 24000 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 26700.

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 24200 on downside and 26400 on upside.