NIFTY IT Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY IT Index closed the week on positive note gaining 1621.40 points 4.66%.
Weekly High: 36,703.55
Weekly Low: 34,778.25
Weekly Close: 36,402
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 35700 levels, whereas minor resistance on the upside is capped around 37000-37100 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 34900 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 37900.
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 35200 on downside and 37800 on upside.