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NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Apr 24, 2023 – Apr 28, 2023)

NIFTY ENERGY Index closed the week on negative note losing 30.20 points 0.13%.

Weekly High: 23,494.60

Weekly Low: 23,076.55

Weekly Close: 23,185.45

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  22,900 levels, whereas minor resistance on the upside is capped around 23,450-23,500 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 22,700 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 23,700.

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 22,750 on downside and 23,650 on upside.