Nifty view for the week
Nifty needs to surpass the level of 5300 to negate immediate term weakness. The level of 5135 is a silver lining for bulls. A breach of 5135 would open downside till 5050.
Sector in Focus: BSE IT index
A huge fall in BSE IT Index after Infosys results dampened the sentiments of Investors. BSE IT Index eroded earlier gains of previous 6 months and now indicating trend reversal. BSE Sensex is trading near its crucial support zone of 17,000 – 16,800 and breach of this support zone would have greater bearish impact on Sensex.
In such scenario, BSE IT would be major contributor to the downtrend. In case of uptrend in BSE Sensex, BSE IT Index is expected to be underperformer and hence in any uptrend in BSE IT Index, we would get ‘Sell on Rise‘ opportunity.