EquityPandit’s Outlook for NIFTY IT for the week (July 13,2020 – July 17, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 279.30 points 1.83%.

Weekly High: 15,806.85

Weekly Low: 15,351.70

Weekly Close: 15,565.20

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15300 levels, whereas minor resistance on the upside is capped around 15850-15900 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 15000 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 16100.

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 15100 on downside and 16000 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 16,029

RESISTANCE 1: 15,797

SUPPORT 1: 15,342

SUPPORT 2: 15,119