Weekly Technical Outlook - Nifty Energy : 25304.80 weekly change (+1.20%) By GEPL Capital
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Bullish sectoral index
Nifty Energy : 25304.80 weekly change (+1.20%)
Observation
* NIFTY ENERGY on long term charts is moving with higher highs and higher lows formation.
* The index is continuously taking support at it’s 20 week SMA and moving higher.
* The Index is on the verge of a 5 months long consolidation breakout.
* RSI plotted on the weekly timeframe has given a range shift and is sustaining above the 50 mark since Oct 2020.
Inference & Expectations
* The NIFTY ENERGY is on a verge of a breakout of a Ascending Triangle pattern .
* The prices action and the technical parameters mentioned above point towards the possibility of mid-term bullish momentum to continue.
* Going ahead we expect the prices to head towards the 28734 (38.2% Fibonacci extension) and a break above which can take the Index to 29000 ( Height Target).
* On the flip side if the prices dip below 24000 it can again enter into a consolidation phase.
NIFTY Realty : 450.75 weekly change (+4.78%)
Observation
* Post the recent correction from the highs of 560.90 the Nifty Realty took support at its 38.2% Fibonacci retracement (160-560).
* There is also a CIP formation (Change in Polarity) at the 400-405 zone and the index has bounced sharply from the same levels.
* On the daily charts the index has given a breakout of a Inverse H&S Pattern.
* The RSI indicator on weekly timeframe is showing sign of a positive reversal indicating bullish momentum.
Inference & Expectations
* NIFTY REALTY is moving higher after a correction.
* The price action on short and the medium term charts suggests that there is a possibility of an upside from current levels.
* We expect that the prices can move higher towards 480 (20 week SMA) followed by 525 levels (Swing High).
* Going ahead 420 will act as a strong support for the index
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