NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (August 09,2021 – August 13,2021)

NIFTY ENERGY Index closed the week on positive note gaining 477.65 points 2.52%.

Weekly High: 19,636.45

Weekly Low: 18,982.05

Weekly Close: 19,411.80

Weekly Support & Resistance For Nifty Index:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  19200 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 18900 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 19000 on downside and 19800 on upside.