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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
NIFTY ENERGY Index closed the week on positive note gaining 188.90 points 1.23%.
Weekly High: 15,566.50
Weekly Low: 15,003.60
Weekly Close: 15,498.05
Weekly Support & Resistance Levels for Nifty Energy Index:
| RESISTANCE 2 | 15918 |
| RESISTANCE 1 | 15708 |
| SUPPORT 1 | 15145 |
| SUPPORT 2 | 14793 |
NIFTY ENERGY index has witness muted buying after it took support of breakout levels on daily charts. Index will likely to remain bullish till it trade above ascending triangle breakout zone.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15250 levels, whereas minor resistance on the upside is capped around 15700-15750 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 14800 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 16000.
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 15000 on downside and 15900 on upside.
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