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Nifty IT Index Weekly Outlook and Analysis:

For the Week: (June 12, 2023 – June 16, 2023)

Nifty IT Outlook for the Week (May 22, 2023 – May 26, 2023)

NIFTY IT Index closed the week on negative note losing 972.80 points 3.32%.

Weekly High:  29,533.40

Weekly Low: 28,322.15

Weekly Range: 28,355.35

Weekly Support & Resistance For Nifty:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 27,800 levels, whereas minor resistance on the upside is capped around 28,800-28,850 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 27,300 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 29,200.

Currently Nifty IT index is trading below 200 days exponential moving average and suggests long term trend is bearish. Equity Pandit’s analyst predicts range for the week is seen from 27,400 on downside and 29,100 on upside.