EquityPandit’s Outlook for Nifty Energy for the week (March 02, 2020 – March 06, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 1336.65 Points 8.92%.

Weekly High: 14,911.90

Weekly Low: 13,564.80

Weekly Close: 13,651

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 13300 levels, whereas minor resistance on the upside is capped around 13850-13900 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 13000 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 14200.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 13100 on downside and 14000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 15,389

RESISTANCE 1: 14,520

SUPPORT 1: 13,173

SUPPORT 2: 12,695