Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
NIFTY ENERGY

Nifty Energy Outlook for the Week (May 4, 2020 – May 8, 2020)

EquityPandit’s Outlook for Nifty Energy for the week (May 4, 2020 – May 8, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 653.90 Points 5.23%.

Weekly High: 13,228.65

Weekly Low: 12,433.45

Weekly Close: 13,154.7

energy 4may

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 12600 levels, whereas minor resistance on the upside is capped around 13450-13500 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 12000 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 14000.

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 12200 on downside and 13800 on upside.

 

Weekly Pivot Levels:

RESISTANCE 2: 13,734

RESISTANCE 1: 13,444

SUPPORT 1: 12,649

SUPPORT 2: 12,143

Get Daily Prediction & Stocks Tips On Your Mobile