NIFTY IT Weekly Outlook and Analysis:
For the Week: (Jan 10,2022 – Jan 14,2022v)
NIFTY IT Index closed the week on negative note losing 561.15 points 1.45%.
Weekly High: 39,446.70
Weekly Low: 37,757.20
Weekly Close: 38,139.85
Weekly Support & Resistance For Nifty IT Index:
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 37500 levels, whereas minor resistance on the upside is capped around 38600-38700 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 36700 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 39300.
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 36800 on downside and 39200 on upside.