NIFTY IT Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY IT Index closed the week on positive note gaining 1220.75 points 4.52%.

Weekly High: 28,347.50

Weekly Low: 26,997.80

Weekly Close: 28,217.50

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened tad higher and rallied in early part of the week. Index consolidated after it made fresh fifty two weeks high amid broader weakness. Index witnessed buying at fag end of the week and ended on strong note. We expect index likely to continue this uptrend going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 27700 levels, whereas minor resistance on the upside is capped around 28600-28700 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 27200 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 29200.

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 27500 on downside and 29000 on upside.