EquityPandit’s Outlook for NIFTY IT for the week (June 1, 2020 – June 5, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 167.85 points 1.21%.

Weekly High: 14,080.55

Weekly Low: 13,488.10

Weekly Close: 14,010.50

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 13700 levels, whereas minor resistance on the upside is capped around 14250-14300 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 13300 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 14700.

Currently Nifty IT index is trading below 200 days exponential moving average and suggests long term trend is bearish. Equity Pandit’s analyst predicts range for the week is seen from 13500 on downside and 14600 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 14,452

RESISTANCE 1: 14,231

SUPPORT 1: 13,638

SUPPORT 2: 13,267