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 439.05 points 2.37%.

Weekly High: 18,537.35

Weekly Low: 17,973.40     

Weekly Close: 18,077.15

Weekly Support & Resistance For Nifty Energy Index:

NIFTY ENERGY index opened tad lower and dragged in opening session. Index witnessed bout of short covering in mid week tracking broader gain. However, index gave up at fag end of the week and ended on negative note. We expect index likely to continue this down trend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  17650 levels, whereas minor resistance on the upside is capped around 18450-18500 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 17100 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 19000.

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 17300 on downside and 18800 on upside.