EquityPandit’s Outlook for Nifty Energy for the week (May 13, 2019 – May 17,2019):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note gaining-1074.45 Points -6.48%

Weekly High: 16664.7

Weekly Low: 15450.7

Weekly Close: 15493.85

Nifty energy index has seen sharp sell of last week heading by its heavy weight constitute RELIANCE INDUSTRIES. As from the above chart it can be clearly seen that index has immediate trend line support and if breaks and closes below it we may see more selling in oil and gas stocks.

Technically on the daily charts we see minor support on the downside for index lies at 15400– 15350 levels, whereas minor resistance on the upside is capped around 15800– 15850 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 index towards major support on lower side around 15000– 15050 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 16200– 16250

Currently Nifty Energy index is trading above 200 days exponential moving average suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16200– 16250 on upside and 15000– 15050 on downside.