NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Aug 17,2020 – Aug 21,2020)

NIFTY ENERGY Index closed the week on negative note losing 103.10 points 0.67%.

Weekly High: 15,705.30

Weekly Low: 15,282.10

Weekly Close: 15,394.95

Weekly Support & Resistance For Nifty Energy Index:

NIFTY ENERGY index has witness sideways corrective action on daily charts. Index will likely to trade in range until it dragged below 15000 levels on down side.

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 15650-15700 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 15900.

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 15800 on upside.