NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY ENERGY Index closed the week on positive note gaining 429.15 points 2.11%.

Weekly High: 21,061.10

Weekly Low: 20,416.30     

Weekly Close: 20,797.20

Weekly Support & Resistance For Nifty Energy Index:

NIFTY ENERGY index opened tad higher and rallied in early part of the week. Index witnessed profit booking in mid week tracking broader weakness. Index traded lackluster and range bound than after and ended on positive note. 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  20450 levels, whereas minor resistance on the upside is capped around 21000-21150 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 20000 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 21500.

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 20200 on downside and 21300 on upside.