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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Aug 24,2020 – Aug 28,2020)
NIFTY ENERGY Index closed the week on positive note gaining 690.40 points 4.48%.
Weekly High: 16.252.85
Weekly Low: 15,315.55
Weekly Close: 16,085.35
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 16,821 |
| RESISTANCE 1 | 16,453 |
| SUPPORT 1 | 15,516 |
| SUPPORT 2 | 14,947 |
NIFTY ENERGY index has witness strong uptrend after sideways corrective action on daily charts. Index will likely to remain bullish and continue its uptrend. Investor should adopt buy on dip strategy as index rallied sharply last week.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15800 levels, whereas minor resistance on the upside is capped around 16300-16350 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 15500 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 16600.
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 15600 on downside and 16500 on upside.
