NIFTY IT Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY IT Index closed the week on positive note gaining 55.35 points 0.22%.
Weekly High: 26,162.20
Weekly Low: 25,521.20
Weekly Close: 25,664.45
Weekly Support & Resistance For Nifty IT Index:
NIFTY IT index opened on positive note in opening session of week. Index extended gain in early part of the week tracking broader gain. However, the recovery was short lived and index witness profit booking at later half of the week. We expect index likely to continue sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25200 levels, whereas minor resistance on the upside is capped around 26150-26200 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 24500 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 26600.
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 24700 on downside and 26400 on upside.