For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY IT Index closed the week on positive note gaining 752.70 points 3.23%.
Weekly High: 24,228.80
Weekly Low: 22,458.15
Weekly Close: 24,009.25
Weekly Support & Resistance For Nifty IT Index:
NIFTY IT index opened tad lower and dragged in opening session of the week. However, index recovered from the upper trend line of the flag pattern. Index witnessed strong comeback in later half of the week and outperformed broader market. We expect index likely to continue this uptrend, it is wise to adopt buy on dip strategy.
Technically on the daily charts we see minor support on the downside for Nifty IT index lies at 23650 levels, whereas minor resistance on the upside is capped around 24350-24400 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 23300 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 24700.
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 23400 on downside and 24600 on upside.