NIFTY IT Weekly Outlook and Analysis:
For the Week: (Jan 23, 2023 – Jan 27, 2023)
NIFTY IT Index closed the week on positive note gaining 595.90 points 2.06%.
Weekly High: 29,783.80
Weekly Low: 28, 895.40
Weekly Close: 29,529.65
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 29,200 levels, whereas minor resistance on the upside is capped around 29,850-29,900 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 28,800 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 30,300.
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 28,900 on downside and 30,200 on upside.