EquityPandit’s Outlook for NIFTY IT for the week (June 01, 2019 – June 07, 2019):
NIFTY IT Index closed the week on positive note gaining +590.80 Points +3.79%
Technically on the daily charts we see minor support on the downside for index lies at 16000– 15900 levels, whereas minor resistance on the upside is capped around 16100– 16200 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 15600– 15500 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 16450– 16500
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 16450– 16500 on upside and 15600– 15500 on downside.