NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Sept 07,2020 – Sept 11,2020)

NIFTY ENERGY Index closed the week on negative note losing 536.05 points 3.35%.

Weekly High: 16,301.70

Weekly Low: 15,393.15

Weekly Close: 15,434.70

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has given breakdown of rising trend line and close below it on daily charts. Index likely to witness further profit booking as index clearly formed lower low and lower high pattern on daily charts.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15100 levels, whereas minor resistance on the upside is capped around 15700-15750 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 14800 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 16000.

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 14900 on downside and 15900 on upside.