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CNXEnergy Nifty Energy

CNXEnergy will be an absolute avoid from a long perspective.

One can see that the RSI is losing a lot of strength and the index is unable to make higher highs.

We have witnessed this kind of pattern during 2018,2019 and we all know what happened in 2020.

It can dupe by a small movement but one need to observe if the index is unable to make a higher high then it will become problematic for the index.

The index contains

Reliance Industries Ltd. 33.82
Adani Transmission Ltd. 12.35
NTPC Ltd. 10.88
Power Grid Corporation of India Ltd. 10.31
Adani Green Energy Ltd. 10.13
Oil & Natural Gas Corporation Ltd. 6.91
Tata Power Co. Ltd. 5.06
Bharat Petroleum Corporation Ltd. 3.83
Indian Oil Corporation Ltd. 3.44
GAIL (India) Ltd. 3.25

I would absolutely avoid the above stocks as I am not seeing any great gains from long point of view.

Disclaimer - Please DYOR, Don't take any market positions based on my analysis.