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NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (May 01, 2023 – May 05, 2023)

NIFTY ENERGY Index closed the week on positive note gaining 549.10 points 2.37%.

Weekly High: 23,764.20

Weekly Low: 23,133

Weekly Close: 23,734.55

Weekly Support & Resistance For Nifty Energy Index:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  23,450 levels, whereas minor resistance on the upside is capped around 23,950-24,000 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 23,200 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 24,400.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 23,300 on downside and 24,300 on upside.