NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Aug 31,2020 – Sept 04,2020)

NIFTY ENERGY Index closed the week on negative note losing 114.60 points 0.72%.

Weekly High: 16,243.40

Weekly Low: 15,914.85

Weekly Close: 15,970.75

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has witness sideways corrective action after uptrend on daily charts. Index likely to remain bullish till it manage to hold 15800 levels on closing basis.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15750 levels, whereas minor resistance on the upside is capped around 16200-16250 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 15450 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 16500.

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 15500 on downside and 16400 on upside.