Nifty IT Weekly: Neckline Test; HCLTech in Focus

Nifty IT outperformed this week, up 0.22% to 31,995.50 while the broader market fell. It pushed to an intraweek high of 33,138.60 but closed just below the 32,130 inverse head and shoulders neckline, so the pattern stays unconfirmed on a weekly closing basis. The index is holding above its 50-week average (31,794), with the 200-week average (34,440) the next major reference above. RSI continues to trend higher above the midline. Levels: resistance at 32,130, then 34,440. Support at 31,794, then 29,250.

(weekly) has formed its own inverse head and shoulders, with the left shoulder near 1,310 in March, the head near 1,030 in June and the right shoulder near 1,170 in October. Price has moved above the sloping neckline on a volume surge and trades around 1,422, with RSI at 60.78. HCLTech was also among Wednesday’s top Nifty gainers (+3.21%). Resistance: 1,580, then the falling trendline above. Support: 1,340-1,370 (the neckline zone), then 1,250. A retest of the neckline zone will be worth observing. A weekly close, not an intraweek spike, decides whether a pattern is confirmed, and a stock inside the index can complete its pattern before the index does. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.