Aetram Research India: NIFTY IT Weekly Sector Outlook
Nifty IT Recovery Remains Intact Above 31,900; Upside Expansion Awaits 32,700 Breakout, While a Fall Below 31,800 May Weaken Sentiment - 31.10.2026
Current Market Price: 32606.90
Market Prediction
- Nifty IT remains in a strong recovery phase above key moving averages, with RSI and CCI supporting positive momentum. MACD stays constructive, though ADX indicates only moderate trend strength. Sustained strength above 32,700 may extend the advance toward 33,000–33,500, while weakness below 31,800 could trigger deeper profit booking further ahead.
Upcoming Events
- Mphasis earnings may support sector confidence – Positive Catalyst
- Infosys investor meetings may improve sentiment – Positive Catalyst
- US labour data may pressure valuations – Negative Catalyst
Major Support and Resistance
- Support: 31900, 31500, 31000
- Resistance: 32700, 33000, 33500
Volume Analysis
- Volume expanded during the recent recovery, confirming stronger participation from buyers, although activity has moderated near current highs. Renewed volume above 32,700 could strengthen continuation, while heavier selling below 31,800 may signal near-term distribution pressure.
Final Take Away
- Nifty IT retains bullish recovery control with momentum favouring buyers, but the index is approaching an important resistance zone. Holding above 31,800 preserves upside potential, while sustained strength beyond 32,700 may extend gains toward 33,500.
Next Week Prediction
- Next week, Nifty IT may retain a positive bias above 31,800, while sustained strength beyond 32,700 could extend recovery toward the 33,000–33,500 resistance zone ahead.
Scenario-Based Outlook
- Bullish Scenario: Above 32700, price may move toward 33000–33500 zone
- Bearish Scenario: Below 31800, downside risk toward 31500–31000 zone
- Neutral Scenario: Between 31800–32700, consolidation likely
Disclaimer: This research report is for informational purposes only. This is not an offer to buy or sell securities. Past performance is not indicative of future results. There is no guarantee of returns. Investments in securities are subject to market risks including loss of capital. Investors should consult their financial advisor before making any investment decisions.
