EquityPandit’s Outlook for Nifty Energy for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +131 Points +0.90%
Weekly High: 15093.80
Weekly Low: 14120.25
Weekly Close: 14859.05
RESISTANCE 2: 15,664
RESISTANCE 1: 15,261
SUPPORT 1: 14,288
SUPPORT 2: 13,717
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14600 levels, whereas minor resistance on the upside is capped around 15200-15250 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 towards major support on lower side around 14300 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 15650
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 14500 on downside and 15500 on upside.