EquityPandit’s Outlook for Nifty Energy for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY ENERGY Index closed the week on positive note gaining +439.10 Points +3.10%
Weekly High: 15789
Weekly Low: 15236.40
Weekly Close: 15525.10
RESISTANCE 2: 16,069
RESISTANCE 1: 15,797
SUPPORT 1: 15,244
SUPPORT 2: 14,964
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15100 levels, whereas minor resistance on the upside is capped around 15800-15850 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 14900 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 16200
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.