EquityPandit’s Outlook for Nifty Energy for the week (Jan 20, 2020 – Jan 24, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 137.50 Points 0.86%.

Weekly High: 16,152.75

Weekly Low: 15,941.10

Weekly Close: 16,077.65

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15900 levels, whereas minor resistance on the upside is capped around 16175-16200 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 15750 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 15800 on downside and 16400 on upside.

RESISTANCE 2: 16,268

RESISTANCE 1: 16,173

SUPPORT 1: 15,961

SUPPORT 2: 15,845