EquityPandit’s Outlook for NIFTY IT for the week (May 13, 2019 – May 17,2019):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing -143.35 Points -0.89 %

Weekly High: 16673.6

Weekly Low: 15911.95

Weekly Close: 15949.60

Nifty IT index trading in classical channel as can be seen from the above chart. Channel’s trend line support lines at 15850, if nifty IT index closes below 15850 we may see sharp sell of in IT major constitutes like TCS, WIPRO, HCLTECH, INFY. Strong support for IT index lies on down side around 100 days exponential moving averages which lies around 15500– 15450

Technically on the daily charts we see minor support on the downside for index lies at 15850– 15800 levels, whereas minor resistance on the upside is capped around 16185– 16200 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 index towards major support on lower side around 15500– 15400 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 16600– 16700

Currently Nifty IT index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16600– 16700 on upside and 15500– 15600 on downside.
.