EquityPandit’s Outlook for Nifty Energy for the week (Aug 19, 2019 – Aug 23, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +439.10 Points +3.10%
Weekly High: 14698.50
Weekly Low: 14357.95
Weekly Close: 14594.70
RESISTANCE 2: 14891
RESISTANCE 1: 14743
SUPPORT 1: 14402
SUPPORT 2: 14210
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14300 levels, whereas minor resistance on the upside is capped around 15000-15100 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 13700 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 15600
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 15600 on upside and 13700 on downside.