EquityPandit’s Outlook for Nifty Energy for the week (Nov 18, 2019 – Nov 22, 2019):
NIFTY ENERGY Index closed the week on negative note losing 54.35 Points 0.34%.
Weekly High: 16,072.80
Weekly Low: 15,807.30
Weekly Close: 15,856.65
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15650 levels, whereas minor resistance on the upside is capped around 16050-16100 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 15500 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 16350.
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 16300 on upside.
RESISTANCE 2: 16,177
RESISTANCE 1: 16,017
SUPPORT 1: 15,751
SUPPORT 2: 15,646