#NIFTY IT Technical Analysis (Weekly Timeframe)

🧠 Technical Analysis (Weekly Timeframe):
📌 Key Levels Marked:
Major Support (Black Line): ~₹30,951

Historical Support Zone (Blue Line): ~₹27,148

🔍 Price Action Insight:
Recent Pullback from Support (~₹31,000):

Price respected a historical support zone and gave a bullish reversal candle.

This zone has acted as support multiple times (2021, 2022, and now 2025).

Strong bounce suggests buyers defending the zone.

Structure:

The index recently saw a sharp correction from its peak near ₹48,000.

Now forming a possible bottoming structure near ₹31,000.

Current Price: ₹33,372.35

Up by +1.93% this week, signaling potential shift in sentiment.

Still below the previous support-turned-resistance zone around ₹36,000.

📊 Volume Observation:
Volume data not shown (marked with “!”), but price reaction at support is technically significant regardless.

📈 What to Watch Next:
✅ Bullish Scenario:

Sustaining above ₹33,000 could trigger a move to ₹35,500–₹36,000 zone.

Break above ₹36,000 could open doors for trend continuation.

❌ Bearish Scenario:

If it slips below ₹31,000 again, next major support is around ₹27,150.

That would complete a larger correction from the 2024 highs.

📌 Important Notes:
Nifty IT tends to follow cues from global tech (especially Nasdaq).

Keep an eye on macro cues, rupee movement, and Q4 earnings.

🧾 Disclosure:
This is a technical view only based on price structure and historical price action.
This is not investment advice or a recommendation. Please consult your SEBI-registered investment advisor before making trading or investing decisions.
I do not hold any position in the Nifty IT Index at the time of this analysis.