EquityPandit’s Outlook for NIFTY IT for the week (July 27,2020 – July 31, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 464.65 points 2.76%.

Weekly High: 17,514.05

Weekly Low: 16,849.15

Weekly Close: 17,286

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 16850 levels, whereas minor resistance on the upside is capped around 17650-17700 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 16500 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 16700 on downside and 17900 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 17,881

RESISTANCE 1: 17,583

SUPPORT 1: 16,918

SUPPORT 2: 16,551