NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTY ENERGY Index closed the week on positive note gaining 223.40 points 1.51%.

Weekly High: 15,378.95

Weekly Low: 14,959.70

Weekly Close: 15,049.70

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has given breakdown of its trading in range on daily charts. However, index manage to rally after it took support of its 200 day ema. Though rally was short lived and index close below its trading range at fag end of the week. We expect index likely to continue this downtrend if index trade below 15300 levels.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14800 levels, whereas minor resistance on the upside is capped around 15300-15350 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 14400 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 15700.

Currently NIFTY ENERGY index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 14500 on downside and 15600 on upside.