EquityPandit’s Outlook for NIFTY ENERGY for the week (April 01, 2019 – April 05, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +331.70 Points (+2.05%).
Weekly High: 16624.1
Weekly Low: 15973.5
Weekly Close: 16484.0
Technically on the daily charts we see minor support on the downside for index lies at 16300-16200 levels, whereas minor resistance on the upside is capped around 16650- 16700 levels.
If Nifty ENERGY index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 15800-15700 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 17000-17100
Currently Nifty ENERGY index is trading above 200 days exponential moving average suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 17000- 17100 on upside and 15800-15700 on downside.