EquityPandit’s Outlook for Nifty Energy for the week (Feb 10, 2020 – Feb 14, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 763.60 Points 5.29%.

Weekly High: 15,266.90

Weekly Low: 14,271.85

Weekly Close: 15,189.95

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14950 levels, whereas minor resistance on the upside is capped around 15450-15500 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 14700 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 15750.

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 14800 on downside and 15700 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 15,904

RESISTANCE 1: 15,547

SUPPORT 1: 14,552

SUPPORT 2: 13,914