NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (May 10, 2021 – May 14, 2021)

NIFTY ENERGY Index closed the week on a positive note gaining 264.50 points 1.47%.

Weekly High: 18,366

Weekly Low: 17,789.55

Weekly Close: 18,295.60

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index opened a tad lower tracking broader weakness. However, the index soon recovered and witnessed muted buy-ing throughout the week. We expect the index likely to continue this uptrend amid rising crude oil prices going forward.

Technically on the daily charts, we see minor support on the downside for the NIFTY ENERGY index lies at 17900 levels, whereas minor resistance on the upside is capped around 18550-18600 levels.

If the NIFTY ENERGY index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 17600 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 18900.

Currently, the NIFTY ENERGY index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 17700 on the downside and 18800 on the upside.