NIFTY IT Weekly Outlook and Analysis:

For the Week: (Jan 03,2021 – Jan 07,2021)

NIFTY IT Index closed the week on positive note gaining 973.20 points 2.58%.

Weekly High: 38,897.60

Weekly Low: 37,431

Weekly Close: 38,701

Weekly Support & Resistance For Nifty IT Index:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 38150 levels, whereas minor resistance on the upside is capped around 39000-39100 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 37600 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 39600.

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 37700 on downside and 39500 on upside.