EquityPandit’s Outlook for Nifty Energy for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +439.10 Points +3.10%
Weekly High: 15477.70
Weekly Low: 14875.45
Weekly Close: 15383.45
RESISTANCE 1: 15,615
SUPPORT 1: 15,013
SUPPORT 2: 14,643
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15050 levels, whereas minor resistance on the upside is capped around 15650-15700 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 14700 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 15850
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 15000 on downside and 15800 on upside.