Nifty IT Outlook for the Week (Nov 09,2020 – Nov 13,2020)


For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTYIT
NIFTY IT Index closed the week on negative note losing 606.75 points 2.82%.

Weekly High: 21,595.80

Weekly Low: 20,548.30

Weekly Close: 20,916.85

Weekly Support & Resistance For Nifty IT Index:

RESISTANCE 2 22,067
RESISTANCE 1 21,492
SUPPORT 1 20,444
SUPPORT 2 19,972

NIFTY IT index witnessed profit booking throughout the week. Index remained under pressure back of weak US cues. We expect side way corrective action to continue going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 20500 levels, whereas minor resistance on the upside is capped around 21250-21300 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 20100 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 21700.

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 21200 on downside and 21600 on upside.