EquityPandit’s Outlook for Nifty Energy for the week (Oct 21, 2019 – Oct 25, 2019):
NIFTY ENERGY Index closed the week on positive note gaining 673.20 Points 4.34%.
Weekly High: 16,249.65
Weekly Low: 15,542.20
Weekly Close: 16,183.70
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15800 levels, whereas minor resistance on the upside is capped around 16400-16450 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 15700 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 16700.
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 15800 on downside and 16700 on upside.
RESISTANCE 2: 16,699
RESISTANCE 1: 16,441
SUPPORT 1: 15,734
SUPPORT 2: 15,284