NIFTY IT Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY IT Index closed the week on negative note losing 177.65 points 0.69%.

Weekly High: 26,315.80

Weekly Low: 25,131.40

Weekly Close: 25,385.10

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened flat and rallied in early part of the weak. However, index gave up the gain in second half  tracking broader indices and ended with muted loss. We expect index likely to continue its sideways corrective action, momentum indicator also trending down.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25000 levels, whereas minor resistance on the upside is capped around 25800-25900 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 24500 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 26400.

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 24600 on downside and 26300 on upside.