EquityPandit’s Outlook for NIFTY IT for the week (April 6, 2020 – April 10, 2020):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing 889.05 Points 7.07%.

Weekly High: 12,930.80

Weekly Low: 11,621.20

Weekly Close: 11,680.05

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 11100 levels, whereas minor resistance on the upside is capped around 12400-12450 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 10600 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 13000.

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 10700 on downside and 12900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 13,386

RESISTANCE 1: 12,533

SUPPORT 1: 11,223

SUPPORT 2: 10,767