EquityPandit’s Outlook for NIFTY IT for the week(April 08, 2019 – April 12, 2019):
NIFTY IT Index closed the week on positive note gaining +294.85 Points (+1.89%).
Weekly High: 16013.20
Weekly Low: 15578.20
Weekly Close: 15923.05
Stiff trend line resistance has been seen around levels of 16100 and if Nifty IT index sustains above 16100 we may see fresh buying attraction in the index. Technically on the daily charts we see minor support on the downside for index lies at 15500- 15400 levels, whereas minor resistance on the upside is capped around 16000- 16100 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 15000- 15100 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 15000-15100 on downside.