NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (August 16,2021 – August 20,2021)

NIFTY ENERGY Index closed the week on positive note gaining 265.25 points 1.37%.

Weekly High: 19,692.10

Weekly Low: 19,000.60

Weekly Close: 19,677.05

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  19400 levels, whereas minor resistance on the upside is capped around 19900-20000 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 19100 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 20200.

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 19300 on downside and 20000 on upside.