Charts suggest positive breakout likely for Nifty IT index: Ravi Nathani

According to the technical analyst, since the Nifty IT index trades at 30,870.20, it is on the verge of a positive breakout as it hovers near the key level of 31,255

Nifty 50
Last close: 17,856.50

The Nifty 50 index, which currently trades around 17,856.5 levels exhibited a flat performance on a weekly basis, with a mere 2-point gain compared to the previous week.

In terms of technical analysis, the index has a strong support level at 17,475, and if it closes below this level, it would signal a negative breakout and result in underperformance in the short term.

Therefore, it is imperative for all long positions to maintain a stop loss on a closing basis below 17,475, as a violation of this level would lead to the index