NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

NIFTY ENERGY Index closed the week on positive note gaining 507.60 points 3.29%.

Weekly High: 16,046.30

Weekly Low: 15,095.30

Weekly Close: 15,942.30

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has reversed from its strong support zone. Index has formed double bottom formation on daily charts. We expect index likely to continue its uptrend in coming week.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15600 levels, whereas minor resistance on the upside is capped around 16200-16300 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 15200 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 15400 on downside and 16500 on upside.