EquityPandit’s Outlook for Nifty Energy for the week (April 27, 2020 – April 30, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 219.65 Points 1.79%.

Weekly High: 12,831.40

Weekly Low: 11,864.45

Weekly Close: 12,500.80

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 12000 levels, whereas minor resistance on the upside is capped around 12950-13000 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 11300 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 13700.

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 11500 on downside and 13400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 13,365

RESISTANCE 1: 12,933

SUPPORT 1: 11,966

SUPPORT 2: 11,431