NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Nov 01,2021 – Nov 05,2021)

NIFTY ENERGY Index closed the week on negative note losing 1044.40 points 4.30%.

Weekly High: 24,540.65

Weekly Low: 22,974.35

Weekly Close: 23,236.10

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  22700 levels, whereas minor resistance on the upside is capped around 23650-23700 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 22100 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 24100.

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 22200 on downside and 24000 on upside.