EquityPandit’s Outlook for NIFTY ENERGY for the week (April 08, 2019 – April 12, 2019):
NIFTY ENERGY Index closed the week on negative note gaining -312.55 Points (-1.90%).
Weekly High: 16660.90
Weekly Low: 16054.80
Weekly Close: 16171.45
Technically on the daily charts we see minor support on the downside for index lies at 15900- 15800 levels, whereas minor resistance on the upside is capped around 16300- 16400 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 15500- 15400 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 16650 -16750
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 16650- 16750 on upside and 15500- 15800 on downside.