For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY ENERGY Index closed the week on positive note gaining 280.50 points 1.66%.
Weekly High: 17,400.80
Weekly Low: 16,785
Weekly Close: 17,204.05
Weekly Support & Resistance For Nifty Index:
NIFTY ENERGY index opened tad higher and extended gain in lackluster manner during the week. Index hit all time high amid buying in oil majors. We expect index could continue its uptrend if broader market remain resilient. Investors are advise to adopt buy on dip strategy going forward.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 16900 levels, whereas minor resistance on the upside is capped around 17450-17500 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 16600 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 17800.
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 16750 on downside and 17750 on upside.