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Nifty Energy Index Weekly Outlook and Analysis:

For the Week: (June 12, 2023 – June 16, 2023)

Nifty Outlook for the Week (May 22, 2023 – May 26, 2023)

NIFTY ENERGY Index closed the week on positive note gaining 383.80 points 1.61%.

Weekly High: 24,415.60

Weekly Low: 23,745.25

Weekly Range: 24,169.50

Weekly Support & Resistance For Nifty:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  23,900 levels, whereas minor resistance on the upside is capped around 24,450-24,500 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 23,600 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 24,900.

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 23,650 on downside and 24,800 on upside.