EquityPandit’s Outlook for Nifty Energy for the week (July 27,2020 – July 31, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 953.60 points 6.38%.

Weekly High: 15,964.80

Weekly Low: 14,887.50

Weekly Close: 15,895.85

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15500 levels, whereas minor resistance on the upside is capped around 16200-16250 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 15000 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 16600.

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 15200 on downside and 16500 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 16,660

RESISTANCE 1: 16,277

SUPPORT 1: 15,200

SUPPORT 2: 14,505