NIFTY IT Weekly Outlook and Analysis:

For the Week: (Aug 10,2020 – Aug 14,2020)

NIFTY IT Index closed the week on negative note losing 67.70 points 0.37%.

Weekly High: 18,222.80

Weekly Low: 17,716.60

Weekly Close: 18,004.15

Weekly Support & Resistance Levels for Nifty IT Index:

NIFTY IT index witness consolidation after strong uptrend. NIFTY IT index is trading above its rising trend line support, index remain bullish till it trade above this trend line.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 17700 levels, whereas minor resistance on the upside is capped around 18200-18250 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 17350 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 18600.

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 17500 on downside and 18500 on upside.