EquityPandit’s Outlook for NIFTY ENERGY for the week (Mar 11, 2019 – Mar 15, 2019) :
NIFTY ENERGY Index closed the week on positive note gaining 534.05 Points (+3.60%).
Weekly High: 15485.90
Weekly Low: 14793.20
Weekly Close: 15352.55
Technically on the daily charts we see minor support on the downside for index lies at 14700- 14600 levels, where as minor resistance on the upside is capped around 15500- 15600 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 14200- 14100 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 16000- 16100
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 16000-16100 on upside and 14200- 14100 on downside.