EquityPandit’s Outlook for Nifty Energy for the week (Nov 4, 2019 – Nov 8, 2019):
NIFTY ENERGY Index closed the week on positive note gaining 309.40 Points 1.93%.
Weekly High: 16,544.05
Weekly Low: 16,152.25
Weekly Close: 16,381.05
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 16100 levels, whereas minor resistance on the upside is capped around 16550-16600 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 15850 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 16850.
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 16000 on downside and 16750 on upside.
RESISTANCE 2: 16,750
RESISTANCE 1: 16,565
SUPPORT 1: 16,174
SUPPORT 2: 15,967