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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Dec 13,2021 – Dec 17,2021)
NIFTY ENERGY Index closed the week on positive note gaining 171.60 points 0.74%.
Weekly High: 23,510.65
Weekly Low: 22,863.75
Weekly Close: 23,429.95
Weekly Support & Resistance For Nifty Energy Index:
| RESISTANCE 2 | 23,915 |
| RESISTANCE 1 | 23,672 |
| SUPPORT 1 | 23,025 |
| SUPPORT 2 | 22,621 |
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 23000 levels, whereas minor resistance on the upside is capped around 23750-23800 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 22600 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 24300.
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 22700 on downside and 24200 on upside.
