NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY ENERGY Index closed the week on negative note losing 303.35 points 1.70%.

Weekly High: 17,594.10

Weekly Low: 17,159.30

Weekly Close: 17,537.70

NIFTY ENERGY index opened gap down and dragged in opening session of the week. Index remain under pressure in early part of the week. However, index witnessed bout of short covering at fag end of the week which helped index to trim losses. Though index is in down trend, we expect index could see bouts short covering going forward.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 17200 levels, whereas minor resistance on the upside is capped around 17800-17850 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 16800 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 18300.

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 16900 on downside and 18200 on upside.