EquityPandit’s Outlook for Nifty Energy for the week (March 16, 2020 – March 20, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 1621.35 Points 12.15%.

Weekly High: 13,116.40

Weekly Low: 9,767.80

Weekly Close: 11,721.25

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 10900 levels, whereas minor resistance on the upside is capped around 12350-12400 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 9800 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 13500.

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 9900 on downside and 13300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 14,883

RESISTANCE 1: 13,302

SUPPORT 1: 9,953

SUPPORT 2: 8,186