Energy and Private Banking sectors peak today

When the benchmark indices along with few sectoral indices are on the gaining spree and hitting all-time highs, Nifty Energy index and Nifty Private Bank were not an exception to it. Nifty Energy index hit all-time high at 14,737 for the first time after January 23, 2018 and Nifty Private Bank hit its peak at 15,542 for the first time after January 29.

Nifty Energy index had its multiple resistance at 14,600-14,660 levels giving similar tops with falling bottoms creating a kind o Megaphone pattern on the daily time frame. After taking lower trendline support near 12,950 levels on June 28, index gave a straight bounce back and hit 14,625 on July 20. Meanwhile, the index also gave a multiple resistance breakout at 14,000 mark on July 12. The index consolidated for four consecutive trading sessions at 14,625 as if a prolonged breather and surged yet again on Friday with a significant Bullish candle with volume breakout and 14-period RSI touching 69. Index holds a potential for more upside either uninterrupted or after a pullback.

Unlike other banking indices which are still struggling for a significant bullish run, Nifty Private Bank index has given a Symmetric Triangle breakout on July 12 but could not hit all-time high and also could not sustain on closing basis. The index consolidated for a nearly 10 trading sessions and has broken out on Friday with rising volumes and 14-period RSI quoting at 66 suggesting momentum.