EquityPandit’s Outlook for Nifty Energy for the week (Dec 16, 2019 – Dec 20, 2019):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 256.30 Points 1.62%.

Weekly High: 16,093.90

Weekly Low: 15,655.15

Weekly Close: 16,068.05

 
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15650 levels, whereas minor resistance on the upside is capped around 16350-16400 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 15500 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 16650.

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 15600 on downside and 16600 on upside.

 
RESISTANCE 2: 16,377

RESISTANCE 1: 16,222

SUPPORT 1: 15,784

SUPPORT 2: 15,500