NIFTY IT Weekly Outlook and Analysis:

For the Week: (May 10,2021 – May 14,2021)

NIFTY IT Index closed the week on positive note gaining 605 points 2.36%.

Weekly High: 26,454.10

Weekly Low: 25,398.95

Weekly Close: 26,269.45

Weekly Support & Resistance For Nifty IT Index:

NIFTY IT index opened flat and dragged in early part of the week. However, index recouped all the losses and extended gain in later part of the week back of good quarterly results from mid cap IT stock. We expect index likely to continue this rally going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 25600 levels, whereas minor resistance on the upside is capped around 26800-26850 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 25200 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 27300.

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 25300 on downside and 27100 on upside.