Nifty IT Outlook for the Week (Dec 07,2020 – Dec 11,2020)

For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTY IT Index closed the week on positive note gaining 544.90 points 2.50%.

Weekly High: 22,458.80

Weekly Low: 21,814.40

Weekly Close: 22,309.80

Weekly Support & Resistance For Nifty IT Index:

SUPPORT 1 21,929
SUPPORT 2 21,549

NIFTY IT index opened tad higher and extended gain over the week in lackluster manner. Index formed higher highs higher low pattern on daily charts. Momentum indicators also trending upward. We expect index likely to continue its up move going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 21900 levels, whereas minor resistance on the upside is capped around 22600-22650 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 21500 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 23000.

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 21700 on downside and 22900 on upside.