EquityPandit’s Outlook for NIFTY IT for the week (Nov 4, 2019 – Nov 8, 2019):

NIFTY IT:

NIFTY IT Index closed the week on positive note gaining 572.35 Points 3.84%.

Weekly High: 15,657.75

Weekly Low: 14,970.50

Weekly Close: 15,471.20

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15000 levels, whereas minor resistance on the upside is capped around 15800-15850 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 14700 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 16150.

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 15000 on downside and 16000 on upside.
RESISTANCE 2: 16,053

RESISTANCE 1: 15,762

SUPPORT 1: 15,075

SUPPORT 2: 14,679