EquityPandit’s Outlook for NIFTY IT for the week (June 8, 2020 – June 12, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 616.95 points 4.40%.

Weekly High: 14,732.85

Weekly Low: 14,140.85

Weekly Close: 14,627.45

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 14300 levels, whereas minor resistance on the upside is capped around 14850-14900 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 13900 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 15300.

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 14000 on downside and 15200 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 15,092

RESISTANCE 1: 14,859

SUPPORT 1: 14,267

SUPPORT 2: 13,908