EquityPandit’s Outlook for NIFTY IT for the week (May 27, 2019 – May 31,2019)

NIFTY IT:

 
NIFTY IT Index closed the week on negative note losing -273.55 Points –1.73%

Weekly High: 16009.7

Weekly Low: 15461.8

Weekly Close: 15569.85

Technically on the daily charts we see minor support on the downside for index lies at 15500– 15400 levels, whereas minor resistance on the upside is capped around 16100– 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 14900– 14950 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 16450– 16500

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 16450– 16500 on upside and 14900– 14950 on downside.
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