Signals, Powered By EquityPandit
NIFTY IT Weekly Outlook and Analysis:
For the Week: (Feb 01,2021 – Feb 05,2021)
NIFTY IT Index closed the week on negative note losing 1844 points 6.96%.
Weekly High: 26,685.80
Weekly Low: 24,559.65
Weekly Close: 24,645.75
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 27,423 |
| RESISTANCE 1 | 26,034 |
| SUPPORT 1 | 23,908 |
| SUPPORT 2 | 23,170 |
NIFTY IT index opened higher and dragged in opening session of the weak tracking broader indices. Index continued selling pressure throughout the week after it has given breakdown of its important support zone. We expect index likely to continue profit booking after its relentless rally.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 24000 levels, whereas minor resistance on the upside is capped around 25100-25200 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 23000 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 26000.
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 23200 on downside and 25900 on upside.
