NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Sept 21,2020 – Sept 25,2020)

NIFTY ENERGY Index closed the week on negative note losing 165.20 points 1.04%.

Weekly High: 16,092.40

Weekly Low: 15,649.30

Weekly Close: 15,777.10

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has trading in range after it formed double bottom formation on daily charts. We expect index likely to continue its range trading activity in coming week.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15500 levels, whereas minor resistance on the upside is capped around 16000-16050 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 15200 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 16400.

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 15300 on downside and 16300 on upside.