NIFTY IT Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY IT Index closed the week on negative note losing 126.05 points 0.46%.
Weekly High: 27,254.15
Weekly Low: 26,737.15
Weekly Close: 26,996.75
Weekly Support & Resistance For Nifty IT Index:
NIFTY IT index opened flat and dragged in opening session of the week. Index traded extremely range bound and sideways throughout the week despite some positive news flow for the sector from US. We expect index likely to continue this sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 26500 levels, whereas minor resistance on the upside is capped around 27300-27400 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 26000 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 28000.
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 26300 on downside and 27700 on upside.