EquityPandit’s Outlook for Nifty Energy for the week (July 22, 2019 – July 26, 2019):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note loosing –209.45 Points –1.36%

Weekly High: 15717.45

Weekly Low: 15146.30

Weekly Close: 15223.10

RESISTANCE 2: 15933

RESISTANCE 1: 15578

SUPPORT 1: 15007

SUPPORT 2: 14791

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15150 levels, whereas minor resistance on the upside is capped around 15370-15400 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 15000 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 below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 15600 on upside and 15000 on downside.