NIFTY ENERGY... HAS IT GOT MORE ENERGY IN IT?
Updated
The 2hour chart of the nifty energy sector is shown here. We can the script had just crossed the previous high level. By parallel channel pattern, we can see another 1500 points rally in this sector before facing the stiff resistance line.
The energy sector stocks and their weightage are given below.
Reliance Industries Ltd. 31.30 % Weightage
NTPC Ltd. 13.29 % Weightage
Power Grid Corporation of India Ltd. 11.23 % Weightage
Oil & Natural Gas Corporation Ltd. 10.97 % Weightage
Bharat Petroleum Corporation Ltd. 9.89 % Weightage
Indian Oil Corporation Ltd. 8.00 % Weightage
GAIL (India) Ltd. 5.61 % Weightage
Hindustan Petroleum Corporation Ltd. 4.95 % Weightage
Tata Power Co. Ltd. 2.45 % Weightage
Adani Transmission Ltd. 2.29 % Weightage
All the stocks except GAIL, Power Grid and NTPC had given a good move in the past few days. Can we expect these stocks to start the next rally from here or will the sector face resistance at the current previous high level?
We'll get the answer in the next one or two days....
The energy sector stocks and their weightage are given below.
Reliance Industries Ltd. 31.30 % Weightage
NTPC Ltd. 13.29 % Weightage
Power Grid Corporation of India Ltd. 11.23 % Weightage
Oil & Natural Gas Corporation Ltd. 10.97 % Weightage
Bharat Petroleum Corporation Ltd. 9.89 % Weightage
Indian Oil Corporation Ltd. 8.00 % Weightage
GAIL (India) Ltd. 5.61 % Weightage
Hindustan Petroleum Corporation Ltd. 4.95 % Weightage
Tata Power Co. Ltd. 2.45 % Weightage
Adani Transmission Ltd. 2.29 % Weightage
All the stocks except GAIL, Power Grid and NTPC had given a good move in the past few days. Can we expect these stocks to start the next rally from here or will the sector face resistance at the current previous high level?
We'll get the answer in the next one or two days....
Trade active
Clearly, the sector had broken its previous high. Another 1300 points rally is expected. We said except GAIL, Power grid and NTPC other stocks had rallied well in this sector. Exactly as per our analysis, this week we saw two of these stocks, GAIL and NTPC rallying 7 to 10%. With more energy still left in this sector, keep the above-mentioned stocks of this sector on your watchlist and make good profits. Happy trading!
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