EquityPandit’s Outlook for NIFTY METAL for the week (July 8, 2019 – July 12, 2019):
NIFTY ENERGY Index closed the week on negative note loosing –228.40 Points –1.42%
Weekly High: 16247.10
Weekly Low: 15772.15
Weekly Close: 15818.40
RESISTANCE 2: 16421
RESISTANCE 1: 16120
SUPPORT 1: 15645
SUPPORT 2: 15471
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15730 levels, whereas minor resistance on the upside is capped around 15980-16000 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 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 16250
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 16250 on upside and 15500 on downside.