Check Nifty I.T. Index Full Analysis At Unicorn Signals

NIFTY IT Weekly Outlook and Analysis:

For the Week: (May 01, 2023 – May 05, 2023)

NIFTY IT Index closed the week on positive note gaining 886.10 points 3.30%.

Weekly High: 27,743

Weekly Low: 26,721.50

Weekly Close: 27,708.20

Weekly Support & Resistance For Nifty IT Index:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 27,350 levels, whereas minor resistance on the upside is capped around 28,000-28,050 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 27,000 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 28,400.

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 27,100 on downside and 28,300 on upside.