EquityPandit’s Outlook for Nifty Energy for the week (July 15, 2019 – July 19, 2019):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note loosing –385.85 Points –2.44%

Weekly High: 15753.30

Weekly Low: 15323.70

Weekly Close: 15432.55

RESISTANCE 2: 15933

RESISTANCE 1: 15683

SUPPORT 1: 15253

SUPPORT 2: 15074

 
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15370 levels, whereas minor resistance on the upside is capped around 15600-15650 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 index towards major support on lower side around 15150 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 near 200 days exponential moving average and suggests long term trend is bullish until it is trading above 200 days EMA. EquityPandit’s analyst predicts range for the week is seen from 15750 on upside and 15150 on downside.