NIFTY IT Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY IT Index closed the week on positive note gaining 1017.50 points 3.90%.

Weekly High: 27,350.25

Weekly Low: 26,095.40

Weekly Close: 27,122.80

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened tad higher tracking broader gain in opening session of the week. Index witnessed strong buying in mid week after it given range breakout of five weeks. We expect index likely to continue this uptrend and could hit its all time highs going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 26700 levels, whereas minor resistance on the upside is capped around 27600-27700 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 26200 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 28200.

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 26300 on downside and 28000 on upside.