EquityPandit’s Outlook for NIFTY IT for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY IT Index closed the week on negative note loosing –231 Points –1.47%
Weekly High: 15854.15
Weekly Low: 15434.15
Weekly Close: 15491.10
RESISTANCE 2: 16013
RESISTANCE 1: 15752
SUPPORT 1: 15332
SUPPORT 2: 15173
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15300 levels, whereas minor resistance on the upside is capped around 15700-15750 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 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 15900.
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 15000 on upside and 15900 on downside.