EquityPandit’s Outlook for Nifty Energy for the week (April 13, 2020 – April 17, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 1098.60 Points 10.09%.

Weekly High: 12,037.25

Weekly Low: 11,079.30

Weekly Close: 11,987

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 11400 levels, whereas minor resistance on the upside is capped around 12350-12400 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 10800 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 13000.

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 11000 on downside and 12800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 12,659

RESISTANCE 1: 12,323

SUPPORT 1: 11,365

SUPPORT 2: 10,743