EquityPandit’s Outlook for NIFTY IT for the week (Mar 18, 2019 – Mar 22, 2019)
NIFTY IT Index closed the week on positive note gaining +137.90 Points (+0.89%).
Weekly High: 15788.20
Weekly Low: 15202.00
Weekly Close: 15546.60
No major action has been seen in nifty IT index last week and trading and investing activity was subdued in the IT sector. Many a time we have seen IT index correcting when nifty move up, due to USD/INR correction.
Technically on the daily charts we see minor support on the downside for index lies at 15100- 15000 levels, whereas minor resistance on the upside is capped around 16200 – 16300 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 14500- 14400 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 16700- 16800
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 16700-16800 on upside and 14500-14400 on downside.