NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY ENERGY Index closed the week on positive note gaining 298.55 points 1.64%.
Weekly High: 18,588.90
Weekly Low: 18,160.40
Weekly Close: 18,516.20
Weekly Support & Resistance For Nifty Energy Index:
NIFTY ENERGY index opened tad higher and witnessed muted gain in opening session. Index faced selling pressure in mid weak tracking broader weakness. However, index recouped lost ground at fag end of the week and ended on positive note. We expect index could see short covering rally if broader markets remain resilient.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 18100 levels, whereas minor resistance on the upside is capped around 18900-19000 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 17700 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 19300.
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 17900 on downside and 19100 on upside.