EquityPandit’s Outlook for NIFTY IT for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY IT Index closed the week on negative note loosing –456.00 Points –2.88%
Weekly High: 15611.80
Weekly Low: 14735.55
Weekly Close: 15236.40
RESISTANCE 2: 16,070
RESISTANCE 1: 15,653
SUPPORT 1: 14,777
SUPPORT 2: 14,318
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 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 towards major support on lower side around 14700 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 16000.
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 14800 on downside and 15800 on upside.