NIFTY IT Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY IT Index closed the week on positive note gaining 517.10 points 2.02%.

Weekly High: 26,262.70

Weekly Low: 25,499.45

Weekly Close: 26,105.30

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened tad higher tracking broader gain in opening session of the week. Index witnessed buying in early part of the week. Index faced profit booking amid weak global cues in mid week. Index ended with muted gain after lackluster trading activity. We expect index likely to continue its sideways trading activity with bullish bias going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25800 levels, whereas minor resistance on the upside is capped around 26350-26400 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 25400 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 26900.

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 25500 on downside and 26700 on upside.