EquityPandit’s Outlook for Nifty Energy for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY ENERGY Index closed the week on negative note loosing –486.80 Points –3.26%
Weekly High: 14955.90
Weekly Low: 14331.95
Weekly Close: 14433.95
RESISTANCE 2: 15198
RESISTANCE 1: 14816
SUPPORT 1: 14192
SUPPORT 2: 13950
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14250 levels, whereas minor resistance on the upside is capped around 14600-14500 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 14000 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 14850
Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 14850 on upside and 14000 on downside.