EquityPandit’s Outlook for NIFTY IT for the week (April 15, 2019 – April 19, 2019):
NIFTY IT Index closed the week on negative note losing -11.95 Points -0.08%
Weekly High: 16203.2
Weekly Low: 15759.8
Weekly Close: 15911.10
Technically on the daily charts we see minor support on the downside for index lies at 15700- 15750 levels, whereas minor resistance on the upside is capped around 16200- 16250 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 15200- 15250 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 16200- 16250
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 16200-16250 on upside and 15200-15250 on downside.