EquityPandit’s Outlook for NIFTY IT for the week (July 22, 2019 – July 26, 2019):
NIFTY IT Index closed the week on positive note gaining +156.25 Points +1.03%
Weekly High: 15708.80
Weekly Low: 15363.05
Weekly Close: 15383.65
RESISTANCE 2: 15831
RESISTANCE 1: 15607
SUPPORT 1: 15262
SUPPORT 2: 15139
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15200 levels, whereas minor resistance on the upside is capped around 15640-15650 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 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 15800.
Currently Nifty IT index is trading above 200 days exponential moving average and suggests long term trend is bullish. Equity Pandit’s analyst predicts range for the week is seen from 15800 on upside and 15000 on downside.