EquityPandit’s Outlook for NIFTY IT for the week(April 29,2019 – May 03,2019):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining +425.15 Points +2.64 %

Weekly High: 16523.75

Weekly Low: 16021

Weekly Close: 16504.45

Nifty IT index crossed all time high levels last week, Strong momentum has been seen in overall index, backed by heavy weight constitute TCS, as results of IT major was positive due to which sentiment in overall index is positive.
Technically on the daily charts we see minor support on the downside for index lies at 16000- 16100 levels, whereas minor resistance on the upside is capped around 16600- 16700 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 index towards major support on lower side around 15600- 15500 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 17100- 17200

Currently Nifty IT index is trading above 200 days exponential moving average and suggests long term trend is bullish.

EquityPandit’s analyst predicts range for the week is seen from 17100- 17200 on upside and 15600- 15500 on downside.
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