EquityPandit’s Outlook for NIFTY IT for the week (Oct 14, 2019 – Oct 18, 2019):

NIFTY IT:

 
NIFTY IT Index closed the week on negative note loosing –18.40 Points –0.12%

Weekly High: 15472.35

Weekly Low: 14865.10

Weekly Close: 15321.90

 
RESISTANCE 2: 15,827

RESISTANCE 1: 15,574

SUPPORT 1: 14,967

SUPPORT 2: 14,612

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15100 levels, whereas minor resistance on the upside is capped around 15575-15600 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 14850 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 15850.

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 14900 on downside and 15850 on upside.