NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTY ENERGY Index closed the week on negative note losing 950.80 points 6.03%.

Weekly High: 15,784

Weekly Low: 14,492.30

Weekly Close: 14,826.30

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index has given breakdown of its trading in range on daily charts. Index manage to close above its 200 day ema at fag end of the week. We expect index likely to continue this downtrend if index unable to hold its 200 day ema.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14450 levels, whereas minor resistance on the upside is capped around 15100-15200 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 14000 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 15600.

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 14200 on downside and 15400 on upside.