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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Feb 28, 2022 – March 04, 2022)
NIFTY ENERGY Index closed the week on negative note losing 950.10 points 3.87%.
Weekly High: 24,489.80
Weekly Low: 22,831.10
Weekly Close: 23,590.60
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 25,295 |
| RESISTANCE 1 | 24,443 |
| SUPPORT 1 | 22,784 |
| SUPPORT 2 | 21,978 |
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 23900-24000 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 22400 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 24500.
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 22500 on downside and 24400 on upside.
