Nifty IT Outlook for the Week (Dec 14,2020 – Dec 18,2020)


For the Week: (Dec 14,2020 – Dec 18,2020)

NIFTYIT
NIFTY IT Index closed the week on positive note gaining 354.20 points 1.59%.

Weekly High: 22,901.75

Weekly Low: 22,271

Weekly Close: 22,664
Weekly Support & Resistance For Nifty IT Index:

RESISTANCE 2 23,243
RESISTANCE 1 22,953
SUPPORT 1 22,322
SUPPORT 2 21,981

NIFTY IT index opened tad higher and extended gain over the week and made fresh 52 week’s high. However, index witnessed absence of momentum despite trading at fresh highs and gave up some gain at fag end of the week. We expect index could witness bout of profit booking going forward.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 22450 levels, whereas minor resistance on the upside is capped around 22900-22950 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 22000 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 23300.

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 22200 on downside and 23200 on upside.