EquityPandit’s Outlook for NIFTY IT for the week (July 20,2020 – July 24, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 1256.15 points 8.07%.

Weekly High: 17,491.15

Weekly Low: 15,611.85

Weekly Close: 16,821.35

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 16200 levels, whereas minor resistance on the upside is capped around 17450-17500 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 15700 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 18000.

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 16000 on downside and 17800 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 18,520

RESISTANCE 1: 17,671

SUPPORT 1: 15,791

SUPPORT 2: 14,762