EquityPandit’s Outlook for NIFTY IT for the week (Nov 25, 2019 – Nov 29, 2019):
NIFTY IT Index closed the week on negative note losing 314.75 Points 2.06%.
Weekly High: 15,435.40
Weekly Low: 14,931.35
Weekly Close: 14,995.90
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 14550 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 15450.
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 14500 on downside and 15400 on upside.
RESISTANCE 2: 15,624
RESISTANCE 1: 15,310
SUPPORT 1: 14,806
SUPPORT 2: 14,616