EquityPandit’s Outlook for Nifty Energy for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 403 Points 2.51%.

Weekly High: 16,196.35

Weekly Low: 15,498.80

Weekly Close: 15,674.65

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15450 levels, whereas minor resistance on the upside is capped around 15850-15900 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 15250 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 16250.

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 15300 on downside and 16100 on upside.

Weekly Pivot Level For Nifty CNX ENERGY Index:

RESISTANCE 2: 16,487

RESISTANCE 1: 16,081

SUPPORT 1: 15,383

SUPPORT 2: 15,092