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NIFTY IT Weekly Outlook and Analysis:
For the Week: (July 26,2021 – July 30,2021)
NIFTY IT Index closed the week on positive note gaining 494.05 points 1.68%.
Weekly High: 30,059.70
Weekly Low: 28,992
Weekly Close: 29,894.30
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 30,716 |
| RESISTANCE 1 | 30,305 |
| SUPPORT 1 | 29,237 |
| SUPPORT 2 | 28,580 |
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 29500 levels, whereas minor resistance on the upside is capped around 30250-30300 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 29000 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 30700.
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 29200 on downside and 30500 on upside.
