EquityPandit’s Outlook for NIFTY IT for the week (May 18, 2020 – May 22, 2020):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing 207.25 Points 1.55%.

Weekly High: 13,960.35

Weekly Low: 13,108.40

Weekly Close: 13,196.35

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 12900 levels, whereas minor resistance on the upside is capped around 13550-13600 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 12400 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 14000.

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 12500 on downside and 13900 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 14,273

RESISTANCE 1: 13,735

SUPPORT 1: 12,883

SUPPORT 2: 12,569