For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY ENERGY Index closed the week on negative note losing 371.25 points 2.15%.
Weekly High: 17,223.05
Weekly Low: 15,989.80
Weekly Close: 16,860.70
Weekly Support & Resistance For Nifty Energy Index:
NIFTY ENERGY index opened tad lower and succumbed in opening session of the week. However, index partially recovered losses tracking broader indices. We expect index could continue its sideways corrective action going forward. Momentum indicator also trending down which support bearish activity.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 16500 levels, whereas minor resistance on the upside is capped around 17100-17200 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 16200 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 17400.
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 16300 on downside and 17300 on upside.