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

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 72.55 points 0.49%.

Weekly High: 15,057

Weekly Low: 14,514.55

Weekly Close: 14,698.50

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14400 levels, whereas minor resistance on the upside is capped around 15000-15050 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 14000 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 15400.

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 14200 on downside and 15300 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 15,299

RESISTANCE 1: 14,998

SUPPORT 1: 14,456

SUPPORT 2: 14,214