EquityPandit’s Outlook for Nifty Energy for the week (June 22, 2020 – June 26, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 679.50 points 4.90%.

Weekly High: 14,604.65

Weekly Low: 13,589.60

Weekly Close: 14,535.25

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 13900 levels, whereas minor resistance on the upside is capped around 15000-15050 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 13300 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 15500.

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 13500 on downside and 15400 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 15,258

RESISTANCE 1: 14,896

SUPPORT 1: 13,881

SUPPORT 2: 13,228