EquityPandit’s Outlook for Nifty Energy for the week (June 24, 2019 – June 28, 2019):
NIFTY ENERGY Index closed the week on negative note losing –166 Points –1.03%
Technically on the daily charts we see minor support on the downside for index lies at 15750 levels, whereas minor resistance on the upside is capped around 16280 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 15450 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 suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16600 on upside and 15450 on downside.