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Nifty Energy Index Weekly Outlook and Analysis:

For the Week: (June 19, 2023 – June 23, 2023)

Nifty Energy Outlook for the Week (June 19, 2023 – June 23, 2023)

NIFTY ENERGY Index closed the week on negative note losing 400.95 points 1.62%.

Weekly High: 24,879.85

Weekly Low: 24,301.20

Weekly Close: 24,332.20

Weekly Support & Resistance For Nifty Energy:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24,000 levels, whereas minor resistance on the upside is capped around 24,650-24,700 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 23,700 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 25,000.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 23,800 on downside and 24,900 on upside.