Nifty IT Outlook for the Week (Oct 12,2020 – Oct 16,2020)


For the Week: (Oct 12,2020 – Oct 16,2020)

NIFTYIT
NIFTY IT Index closed the week on positive note gaining 1727.25 points 8.59%.

Weekly High: 22,169.30

Weekly Low: 20,341.45

Weekly Close: 21,837.65

Weekly Support & Resistance For Nifty IT Index:

RESISTANCE 2 23,277
RESISTANCE 1 22,557
SUPPORT 1 20,729
SUPPORT 2 19,621

NIFTY IT index has clocked strong gain amid TCS buy back offer. Index registered massive weekly gain of this rally. We expect index likely to digest this gain and witness range bound activity. However, any surprise announcement by other company could stretch this rally as result season is in progress.

Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 21450 levels, whereas minor resistance on the upside is capped around 22200-22300 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 21000 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 22700.

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 21300 on downside and 22500 on upside.