NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY ENERGY Index closed the week on negative note losing 586.70 points 3.69%.

Weekly High: 16,064

Weekly Low: 15,238.45

Weekly Close: 15,309.15

Nifty Energy Weekly Support and Resistance Levels:

NIFTY ENERGY index is witness profit booking after breakout of ascending triangle on daily charts. If index fall below its breakout levels than further corrective action expected in index.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15000 levels, whereas minor resistance on the upside is capped around 15600-15650 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 14600 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 16200.

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 14800 on downside and 16000 on upside.