The Nifty Energy index has corrected over 16% in the first two months of 2023 but the recovery in the month of March 2023 indicates that a reversal is on the cards.
On the weekly chart, the index is trading at the confluence of support.
On the contrary, the Nifty50 is down around 1% in March 2023 while the Energy index gained over 5% indicating an outperformance.
If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setups, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.
Currently, the index is trading 0.1% lower. To know more about how the Nifty and Nifty Energy index are performing, please see the NSE Nifty Live Chart and Nifty Energy chart.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
3 High Conviction Stocks
Chosen by Rahul Shah, Tanushree Banerjee and Richa Agarwal
Report Available
Details of our SEBI Research Analyst registration are mentioned on our website - www.equitymaster.comDisclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...
Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.
Equitymaster requests your view! Post a comment on "Nifty Energy Index: Bulls Capitalizing on Technical Support". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!