EquityPandit’s Outlook for NIFTY IT for the week (July 8, 2019 – July 12, 2019):
NIFTY IT Index closed the week on negative note losing –346.40 Points –2.42%
Weekly High: 16097.15
Weekly Low: 15520
Weekly Close: 15550.05
RESISTANCE 2: 16299
RESISTANCE 1: 15924
SUPPORT 1: 15347
SUPPORT 2: 15145
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15500 levels, whereas minor resistance on the upside is capped around 15650– 15700 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 15300 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 15860
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 15860 on upside and 15300 on downside.