EquityPandit’s Outlook for Nifty Energy for the week (July 1, 2019 – July 5, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +94.50 Points +0.60%
Weekly High: 16260.60
Weekly Low: 15718.95
Weekly Close: 16086.80
RESISTANCE 2: 16550
RESISTANCE 1: 16298
SUPPORT 1: 15756
SUPPORT 2: 15466
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15880 levels, whereas minor resistance on the upside is capped around 15250-15300 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 15750 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 16600
Currently NIFTY ENERGY index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16600 on upside and 15750 on downside.