Nifty IT Index Weekly Analysis 13-17 Jan 2020

Nifty IT Index 30 Min Chart 13-17 Jan 2020
Nifty IT Index 30 Min Chart 13-17 Jan 2020

Nifty IT Index rallied around 2.5 percent in the week gone by 13 Jan – 17 Jan. 2020

Nifty IT Index was generally flat in the previous week. This week (13 Jan – 17 Jan 2020) Nifty IT Index gained momentum and rallied 2.5 percent. The index had 2 red days and 3 green days during the week.

Nifty IT Index opened around 16135 levels on Monday, made a high of 16447 on Friday, lowest levels of 16081 were touched on Monday itself and closed around 16354 on Friday (17.1.2020)

On Monday ( 13-1-2020) Nifty IT Index opened with a gap up of 172 points at around 16135 levels and the index managed to sustain at such high gap up levels. The index rallied 139 points from opening levels in the morning session to touch a day high level of 16272 at around 11.15 am. The index could not move any further and fell 85 points from day high levels to trade around 16185 levels in the afternoon session. The index closed the day at 16233 up 269 or 1.7 percent.

On Tuesday (14-1-2020) Nifty IT Index opened at 16239 levels and touched a low of 16235 on the first 5 minute candle which also tuned out to be the lowest point of the day. The index rallied 134 points from opening levels to touch a day high level of 16376 at around at around 10.10 am. The index could not sustain at higher levels and fell 105 points from day high levels to trade around 16272 levels in the afternoon session. The index rallied 111 points from afternoon lows in the late afternoon session to touch a new day high level of 16386 just before the closing bell. The index closed the day at 16349 up 123 points or 0.76 percent.

On Wednesday (15-1-2020) Nifty IT Index opened at 16354 levels and touched a high of 16364 on the first 5 minute candle which also tuned out to be the highest point of the day. The index faced heavy selling pressure in the morning session and fell 135 points from opening levels to touch a day low level of 16219 at around 12.25 pm. The index took support at 16200 levels and rallied 142 points from day low levels in the afternoon session. The index closed the day at 16325 down 31 points or 0.19 percent.

On Thursday (16-1-2020) Nifty IT Index opened at 16371 levels and fell 111 points from opening levels to touch a day low level of 16278 at around 11.10 am. The index rallied 145 points from day low levels to touch a day high level of 16423 just before the closing bell. The index closed the day at 16388 up 63 points or 0.39 percent.

On Friday (17-1-2020) Nifty IT Index opened at 16397 levels and touched a high of 16446 on the first 5 minute candle. The index faced heavy selling pressure at higher levels and fell 133 points from day high levels to touch a day low level of 16312 at around 12.05 pm. The index recovered 70 points from day low levels to close the day at 16354 down 35 points or 0.22 percent.

“We said in our previous weekly analysis post that if the index manages to cross 16121 levels it can rally towards 16589 levels. Well, the index did cross 16121 levels and rallied towards 16465 levels. So our analysis proved right once again.”

Nifty IT Index is just 400 points away from new lifetime high levels. The index has stiff resistance around 16589 levels. If this level is crossed we may see new lifetime high levels soon. If the index changes its trend and trend downwards it can fall towards 16121 levels.

The highest gainer in the Nifty IT Index during the week was Tata Elexi gaining about 13 percent and the biggest loser was Wipro down 0.43 percent during the week

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