For the Week: (Nov 09,2020 – Nov 13,2020)
NIFTY ENERGY Index closed the week on positive note gaining 76.10 points 0.51%.
Weekly High: 15,024.05
Weekly Low: 14,534.35
Weekly Close: 14,977.80
Weekly Support & Resistance For Nifty Index:
NIFTY ENERGY index has traded choppy throughout the week. Index managed to closed with muted gain at fag end of the week. Index has out performed broader indices. We expect index could witnessed short covering rally, if Reliance result surprise street.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14700 levels, whereas minor resistance on the upside is capped around 15200-15250 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 14400 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 15500.
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 14500 on downside and 15400 on upside.