EquityPandit’s Outlook for NIFTY IT for the week (Feb 24, 2020 – Feb 28, 2020):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing 23.65 Points 0.14%.

Weekly High: 16,882.45

Weekly Low: 16,526.40

Weekly Close: 16,649.40

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 16525 levels, whereas minor resistance on the upside is capped around 16850-16900 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 16300 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 17050.

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 16350 on downside and 16900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 17,042

RESISTANCE 1: 16,845

SUPPORT 1: 16,489

SUPPORT 2: 16,330