EquityPandit’s Outlook for Nifty Energy for the week (Oct 14, 2019 – Oct 18, 2019):
NIFTY ENERGY Index closed the week on negative note losing -14.60 Points -0.09%
Weekly High: 15640.80
Weekly Low: 15228.55
Weekly Close: 15510.50
RESISTANCE 2: 15,872
RESISTANCE 1: 15,691
SUPPORT 1: 15,279
SUPPORT 2: 15,047
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15200 levels, whereas minor resistance on the upside is capped around 15700-15750 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 15050 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 15900.
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 15100 on downside and 15900 on upside.