EquityPandit’s Outlook for NIFTY ENERGY for the week (Mar 25, 2019 – Mar 29, 2019) :
NIFTY ENERGY Index closed the week on positive note gaining +127.35 Points (+0.79%).
Weekly High: 16632.90
Weekly Low: 15982.00
Weekly Close: 16152.30
Nifty Energy index touched all time high levels last week and the rally in nifty energy index was majorly headed by Reliance Industries. Technically on the daily charts we see minor support on the downside for index lies at 15800- 15900 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 15000-15100 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 16800-16900
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 16800-16900 on upside and 15000-15100 on downside.