NIFTY IT Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY IT Index closed the week on positive note gaining 1386.65 points 5.34%.

Weekly High: 27,520.10

Weekly Low: 25,978.95

Weekly Close: 27,367.05

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened flat and rallied in opening session despite broader weakness. Index continued its rally throughout the week and registered fresh fifty two weeks high at fag end of the week. Index has given breakout of its ten weeks trading range, we expect index likely to continue its uptrend ahead of key quarterly results.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 26800 levels, whereas minor resistance on the upside is capped around 27900-28000 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 26000 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 28500.

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 26300 on downside and 28300 on upside.