NIFTY IT Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY IT Index closed the week on negative note losing 715.80 points 2.72%.

Weekly High: 26,524.65

Weekly Low: 25,531.95

Weekly Close: 25,609.10

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened tad lower and recovered most of losses in opening session of week. However, the recovery was short lived and index witness profit booking throughout the week than after. We expect index likely to continue this down trend go-ing forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25200 levels, whereas minor resistance on the upside is capped around 26000-26100 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 24500 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 26600.

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 24800 on downside and 26400 on upside.