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NIFTY IT Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
NIFTY IT Index closed the week on positive note gaining 56.70 points 0.31%.
Weekly High: 18,305.55
Weekly Low: 17,914.50
Weekly Close: 18,122
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 18,505 |
| RESISTANCE 1 | 18,313 |
| SUPPORT 1 | 17,922 |
| SUPPORT 2 | 17,722 |
NIFTY IT index witness consolidation after strong uptrend. We expect index is likely give breakout of this trading range on either side after it trade in range for, fourth week in row.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 17900 levels, whereas minor resistance on the upside is capped around 18350-18400 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 17600 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 18700.
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 17700 on downside and 18500 on upside.
