For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY ENERGY Index closed the week on negative note losing 215.90 points 1.43%.
Weekly High: 15,166.35
Weekly Low: 14,714.25
Weekly Close: 14,833.80
Weekly Support & Resistance For Nifty Energy Index:
NIFTY ENERGY index has continued its trading in lower low lower high pattern. Index closed with negative note despite strong rally in broader indices. We expect index likely to continue this downtrend if index trade below 15200 levels.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 14600 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 14300 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 14400 on downside and 15400 on upside.