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Nifty Energy Index Weekly Outlook and Analysis:

For the Week: (June 19, 2023 – June 23, 2023)

Nifty Energy Outlook for the Week (June 19, 2023 – June 23, 2023)

NIFTY ENERGY Index closed the week on positive note gaining 563.65 points 2.33%.

Weekly High: 24,794.85

Weekly Low: 24,091.80

Weekly Range: 24,733.15

Weekly Support & Resistance For Nifty Energy:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24,400 levels, whereas minor resistance on the upside is capped around 24,950-25,000 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 24,100 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 25,300.

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 24,200 on downside and 25,200 on upside.