EquityPandit’s Outlook for Nifty Energy for the week (May 18, 2020 – May 22, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 281.25 Points 2.18%.

Weekly High: 13,188.85

Weekly Low: 12,440.70

Weekly Close: 12,615.45

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 12250 levels, whereas minor resistance on the upside is capped around 13000-13050 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 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 11900 on downside and 13200 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 13,496 

RESISTANCE 1: 13,055

SUPPORT 1: 12,307

SUPPORT 2: 12,000