EquityPandit’s Outlook for Nifty Energy for the week (Feb 24, 2020 – Feb 28, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 203.60 Points 1.34%.

Weekly High: 15,148.85

Weekly Low: 14,568.60

Weekly Close: 14,987.65

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14750 levels, whereas minor resistance on the upside is capped around 15250-15300 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 14550 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 15500.

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 14600 on downside and 15400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 15,481

RESISTANCE 1: 15,234

SUPPORT 1: 14,654

SUPPORT 2: 14,321