EquityPandit’s Outlook for Nifty Energy for the week (June 8, 2020 – June 12, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on positive note gaining 864.90 points 6.62%.

Weekly High: 14,002.50

Weekly Low: 13,161.30

Weekly Close: 13,925.40

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 13450 levels, whereas minor resistance on the upside is capped around 14250-14300 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 13000 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 13200 on downside and 14800 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 14,537

RESISTANCE 1: 14,231

SUPPORT 1: 13,390

SUPPORT 2: 12,855