EquityPandit’s Outlook for Nifty Energy for the week (March 09, 2020 – March 13, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 308.40 Points 2.26%.

Weekly High: 14,048.50

Weekly Low: 13,118.05

Weekly Close: 13,342.60

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 13000 levels, whereas minor resistance on the upside is capped around 13650-13700 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 12700 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 14000.

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 12800 on downside and 13900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 14,433

RESISTANCE 1: 13,888

SUPPORT 1: 12,957

SUPPORT 2: 12,572