EquityPandit’s Outlook for Nifty Energy for the week (Nov 11, 2019 – Nov 15, 2019):
NIFTY ENERGY Index closed the week on negative note losing 470.05 Points 2.87%.
Weekly High: 16,485.70
Weekly Low: 15,888.05
Weekly Close: 15,911
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15700 levels, whereas minor resistance on the upside is capped around 16250-16300 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 15350 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 16650.
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 15450 on downside and 16500 on upside.
WEEKLY PIVOT LEVELS FOR NIFTY ENERGY:
RESISTANCE 2: 16,692
RESISTANCE 1: 16,301
SUPPORT 1: 15,704
SUPPORT 2: 15,497