NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY ENERGY Index closed the week on positive note gaining 801.25 points 4.09%.
Weekly High: 20,517.20
Weekly Low: 19,485.50
Weekly Close: 20,368.05
Weekly Support & Resistance For Nifty Energy Index:
NIFTY ENERGY index opened gap up and rallied in early part of the week. Index hit its all time high in opening session. Index continue rally after it given breakout of its recent swing highs which further indicate higher rates in index. Though index is in uptrend, it could see side ways corrective action or profit booking after this relentless rally.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 20000 levels, whereas minor resistance on the upside is capped around 20650-20700 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 19600 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 21000.
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 19700 on downside and 20900 on upside.