EquityPandit’s Outlook for Nifty Energy for the week (June 01, 2019 – June 07, 2019):
Technically on the daily charts we see minor support on the downside for index lies at 16000– 15900 levels, whereas minor resistance on the upside is capped around 16700– 16750 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 15400– 15300 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 17200– 17300
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 17200– 17300 on upside and 15400– 15300 on downside.