Thought the market is in Bearish mode, nifty energy only index seems Bullish on a longer run, forming pole and flag pattern on daily time frame, once the upper trendline is broken there is no stopping of this index
Energy sector has grown crazy last few weeks after the news of power shortage, time to relax a little bit. A dark cloud cover pattern on weekly tf, this can bring the index a little more down before it move forward
Nifty Energy to outperform Nifty in coming days.
Both Long term and short term trend became bullish.
Very positive changes are happening in this
sector and
Charts are looking bullish .... : :)
Few stocks to track in this segment are
Power grid
Tata power
Ntpc
Coal India
PFC,REC,PTC...
Nifty Energy was consolidating for a few days and now it clearly gave a breakout. we can look for an energy stock like Tata power. Tata Power also made a good structure then gave a breakout. very soon we can see the price at 150 rupees.
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
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 %...
Whenever it has bounced from support, the rally shown is really good. Watch out for stocks in nifty energy i.e. Reliance, ONGC, GAIL, BPCL, IOC, etc. HIT the like button if you liked my analysis and do FOLLOW for regular swing trading ideas.
