EquityPandit’s Outlook for NIFTY IT for the week (March 02, 2020 – March 06, 2020):

NIFTY IT:

NIFTY IT Index closed the week on negative note losing 1436.45 Points 8.63%.

Weekly High: 16,749.25

Weekly Low: 15,156.80

Weekly Close: 15,212.95

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 14900 levels, whereas minor resistance on the upside is capped around 15600-15650 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 14500 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 15900.

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 145000 on downside and 15700 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 17,298

RESISTANCE 1: 16,255

SUPPORT 1: 14,663

SUPPORT 2: 14,113