EquityPandit’s Outlook for NIFTY IT for the week (Nov 11, 2019 – Nov 15, 2019):

NIFTY IT Index closed the week on negative note losing 87.90 Points 0.57%.

Weekly High: 15,803.35

Weekly Low: 15,355.70

Weekly Close: 15,383.30

NIFTY IT:

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15200 levels, whereas minor resistance on the upside is capped around 15650-15675 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 15000 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 15800.

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 15100 on downside and 15800 on upside.

WEEKLY PIVOT LEVELS FOR NIFTY IT

RESISTANCE 2: 15,961

RESISTANCE 1: 15,672

SUPPORT 1: 15,224

SUPPORT 2: 15,066