NIFTY IT Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY IT Index closed the week on positive note gaining 595.30 points 2.35%.
Weekly High: 26,306.65
Weekly Low: 25,429.20
Weekly Close: 25,980.40
Weekly Support & Resistance For Nifty IT Index:
NIFTY IT index opened tad higher and extended gain in opening session of the week. However, index witnessed partial profit booking in later half of the week. Index traded near upper trend line of flag pattern, if index manage close above this level it likely to hit fresh highs other wise continue sideways action.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25500 levels, whereas minor resistance on the upside is capped around 26550-26650 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 24800 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 27300.
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 25000 on downside and 27100 on upside.