NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY ENERGY Index closed the week on positive note gaining 493.40 points 2.81%.
Weekly High: 18,387.35
Weekly Low: 17,609.50
Weekly Close: 18,031.10
Weekly Support & Resistance For Nifty Index:
NIFTY ENERGY index opened tad higher in opening session of the week. Index extended gain throughout the week in lackluster manner. However, index witnessed profit booking at fag end of the week tracking broader weakness. We expect index could resume its down trend if unable to close above its strong resistance zone at 18600 levels.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 17700 levels, whereas minor resistance on the upside is capped around 18350-18400 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 17300 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 18800.
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 17500 on downside and 18600 on upside.