NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY ENERGY Index closed the week on positive note gaining 240.50 points 1.24%.

Weekly High: 19,767.25

Weekly Low: 19,263.85     

Weekly Close: 19,566.80

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 despite gain in broader markets. Index recoup lost ground at fag end of the week led by index major Reliance. We expect index likely to continue this uptrend and hit all time highs if broader market remain resilient.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  19250 levels, whereas minor resistance on the upside is capped around 19800-19900 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 18800 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 19000 on downside and 20000 on upside.