EquityPandit’s Outlook for Nifty Energy for the week (June 29, 2020 – July 03, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 297.40 points 2.05%.

Weekly High: 14,957.20

Weekly Low: 14,462.40

Weekly Close: 14,832.65

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14400 levels, whereas minor resistance on the upside is capped around 15150-15200 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 14000 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 14200 on downside and 15400 on upside.

NIFTY ENERGY WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 15,245

RESISTANCE 1: 15,039

SUPPORT 1: 14,544

SUPPORT 2: 14,255