EquityPandit’s Outlook for NIFTY IT for the week (May 26, 2020 – May 29, 2020):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 646.30 points 4.90%.

Weekly High: 13,902.80

Weekly Low: 13,109.95

Weekly Close: 13,842.65

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 13300 levels, whereas minor resistance on the upside is capped around 14150-14200 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 12800 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 14700.

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 13000 on downside and 14600 on upside.

Weekly Pivot Levels;
RESISTANCE 2: 14,411

RESISTANCE 1: 14,126

SUPPORT 1: 13,334

SUPPORT 2: 12,825