EquityPandit’s Outlook for Nifty Energy for the week (May 11, 2020 – May 15, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 258 Points 1.96%.

Weekly High: 13,119.10

Weekly Low: 12,689.15

Weekly Close: 12,896.70

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 12500 levels, whereas minor resistance on the upside is capped around 13250-13300 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 11800 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 12000 on downside and 13800 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 13,331

RESISTANCE 1: 13,114

SUPPORT 1: 12,684

SUPPORT 2: 12,471