For the Week: (Dec 07,2020 – Dec 11,2020)
NIFTY ENERGY Index closed the week on positive note gaining 671.70 points 4.13%.
Weekly High: 17,102.10
Weekly Low: 16,207.45
Weekly Close: 16,923.55
Weekly Support & Resistance For Nifty Index:
NIFTY ENERGY index opened gap up and rallied throughout the week. Index hit all time high after strong rally in index heavyweights. However, index witness some profit booking at fag end of the week. We expect index likely to continue this uptrend, it is wise to adopt buy on dip strategy.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 16600 levels, whereas minor resistance on the upside is capped around 17200-17250 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 17650.
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 17500 on upside.