EquityPandit’s Outlook for Nifty Energy for the week (June 15, 2020 – June 19, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 69.65 points 0.50%.

Weekly High: 14,328.50

Weekly Low: 13,269.40

Weekly Close: 13,855.75

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 13400 levels, whereas minor resistance on the upside is capped around 14300-14350 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 12800 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 14900.

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 13000 on downside and 14700 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 14,876

RESISTANCE 1: 14,366

SUPPORT 1: 13,307

SUPPORT 2: 12,758