EquityPandit’s Outlook for NIFTY IT for the week (Aug 19, 2019 – Aug 23, 2019):
NIFTY IT Index closed the week on negative note loosing –456.00 Points –2.88%
Weekly High: 15822.40
Weekly Low: 15238.55
Weekly Close: 15365.35
RESISTANCE 2: 16059
RESISTANCE 1: 15712
SUPPORT 1: 15128
SUPPORT 2: 14892
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15000 levels, whereas minor resistance on the upside is capped around 16000-16050 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 14200 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 16500.
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 16500 on upside and 14200 on downside.