NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY ENERGY Index closed the week on positive note gaining 673.35 points 3.61%.

Weekly High: 19,432.80

Weekly Low: 18,684.55     

Weekly Close: 19,326.30

Weekly Support & Resistance For Nifty Energy Index:

NIFTY ENERGY index opened gap up and extended gain in early part of the week. Index witnessed profit booking in mid week tracking broader weakness. Index recoup some lost ground at fag end of the week and ended on strong note. Though index is in uptrend it could face profit booking or sideways activity after strong rally.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  19000 levels, whereas minor resistance on the upside is capped around 19650-19700 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 18500 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 20000.

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 18700 on downside and 19900 on upside.