EquityPandit’s Outlook for NIFTY IT for the week (Aug 26, 2019 – Aug 30, 2019):
NIFTY IT Index closed the week on positive note gaining +451.25 Points +2.94%
Weekly High: 15872.85
Weekly Low: 15396.00
Weekly Close: 15816.60
RESISTANCE 2: 16172
RESISTANCE 1: 15994
SUPPORT 1: 15517
SUPPORT 2: 15218
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 16200-16150 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 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 15000 on downside.