EquityPandit’s Outlook for NIFTY IT for the week (March 09, 2020 – March 13, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 450.55 Points 2.96%.

Weekly High: 16,150.60

Weekly Low: 15,298

Weekly Close: 15,663.50

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15250 levels, whereas minor resistance on the upside is capped around 15950-16000 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 14900 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 16250.

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 15000 on downside and 16150 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 16,556

RESISTANCE 1: 16,110

SUPPORT 1: 15,257

SUPPORT 2: 14,851