EquityPandit’s Outlook for NIFTY IT for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY IT Index closed the week on negative note loosing –456.00 Points –2.88%
Weekly High: 15568.45
Weekly Low: 15228.90
Weekly Close: 15340.30
RESISTANCE 2: 15,718
RESISTANCE 1: 15,529
SUPPORT 1: 15,189
SUPPORT 2: 15,039
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 15150 levels, whereas minor resistance on the upside is capped around 15550-15600 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 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 15750.
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 15000 on downside and 15700 on upside.