Signals, Powered By EquityPandit
NIFTY IT Weekly Outlook and Analysis:
For the Week: (Sept 04,2020 – Sept 18,2020)
NIFTY IT Index closed the week on positive note gaining 559.30 points 3.09%.
Weekly High: 18,740.85
Weekly Low: 17,962.35
Weekly Close: 18,633.25
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 19,223 |
| RESISTANCE 1 | 18,928 |
| SUPPORT 1 | 18,150 |
| SUPPORT 2 | 17,666 |
NIFTY IT index has given breakout of its five weeks consolidation range. Momentum indicator also trending upward. We expect index is likely continue its uptrend in coming week.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 18400 levels, whereas minor resistance on the upside is capped around 18850-18900 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 18100 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 19300.
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 18200 on downside and 19200 on upside.
