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

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 243.75 points 1.66%.

Weekly High: 15,025.10

Weekly Low: 14,070.75

Weekly Close: 14,942.25

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14600 levels, whereas minor resistance on the upside is capped around 15200-15250 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 14200 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 15600.

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 14400 on downside and 15500 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 15,633

RESISTANCE 1: 15,287

SUPPORT 1: 14,333

SUPPORT 2: 13,725