EquityPandit’s Outlook for NIFTY IT for the week (July 15, 2019 – July 19, 2019):
NIFTY IT Index closed the week on negative note losing –322.65 Points –2.07%
Weekly High: 15480.15
Weekly Low: 15045.10
Weekly Close: 15227.40
RESISTANCE 2: 15686
RESISTANCE 1: 15457
SUPPORT 1: 15022
SUPPORT 2: 14816
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15050 levels, whereas minor resistance on the upside is capped around 15250-15260 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 14900 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 15450.
Currently Nifty IT index is trading below 200 days exponential moving average and suggests long term trend is bearish. Equity Pandit’s analyst predicts range for the week is seen from 15450 on upside and 14900 on downside.