EquityPandit’s Outlook for NIFTY IT for the week (July 1, 2019 – July 5, 2019):
NIFTY IT Index closed the week on negative note losing –253 Points –1.56%
Weekly High: 16255.20
Weekly Low: 15904.80
Weekly Close: 15936.45
RESISTANCE 2: 16382
RESISTANCE 1: 16159
SUPPORT 1: 15808
SUPPORT 2: 15680
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15800 levels, whereas minor resistance on the upside is capped around 16100– 16150 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 15630 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 16400
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 15630 on upside and 16400 on downside.