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NIFTY IT Weekly Outlook and Analysis:
For the Week: (Sept 21,2020 – Sept 25,2020)
NIFTY IT Index closed the week on positive note gaining 1193.85 points 6.41%.
Weekly High: 20,067.70
Weekly Low: 18,799.55
Weekly Close: 19,827.10
Weekly Support & Resistance For Nifty IT Index:
| RESISTANCE 2 | 20,832 |
| RESISTANCE 1 | 20,330 |
| SUPPORT 1 | 19,061 |
| SUPPORT 2 | 18,296 |
NIFTY IT index has witnessed strong up move after breakout of its consolidation range. We expect index likely to continue its up trend. However, momentum indicator are in overbought zone. It is wise to adopt buy dip strategy, it might possible index could consolidate after massive gain.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 19400 levels, whereas minor resistance on the upside is capped around 20150-20200 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 19000 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 20600.
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 19200 on downside and 20500 on upside.
