EquityPandit’s Outlook for Nifty Energy for the week (Jan 06, 2020 – Jan 10, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 109.85 Points 0.69%.

Weekly High: 16,169.55

Weekly Low: 15,871.40

Weekly Close: 16,054.80

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15850 levels, whereas minor resistance on the upside is capped around 16200-16225 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 15700 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 16450.

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 15700 on downside and 16400 on upside.

RESISTANCE 2: 16,330

RESISTANCE 1: 16,192

SUPPORT 1: 15,894

SUPPORT 2: 15,733