EquityPandit’s Outlook for NIFTY IT for the week(April 01, 2019 – April 05, 2019):
NIFTY IT Index closed the week on positive note gaining +77.10 Points (0.50%).
Weekly High: 15729.5
Weekly Low: 15218.20
Weekly Close: 15628.20
Nifty IT Index is consolidating in channel pattern on charts. Any breakout may attract market and buying may resume in IT Sector, We have seen huge buying in HCLTECH last week in IT space, Technically on the daily charts we see minor support on the downside for index lies at 15200- 15250 levels, whereas minor resistance on the upside is capped around 15700- 15750 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 index towards major support on lower side around 14600- 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 16100- 16300
Currently Nifty IT index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16100-16300 on upside and 14600-14700 on downside.