Check Nifty Energy Index Full Analysis At Unicorn Signals

NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Jan 30, 2023 – Feb 03, 2023)

Check Nifty Energy Index Full Analysis At Unicorn Signals

NIFTY ENERGY Index closed the week on negative note losing 1965.10 points 7.52%.

Weekly High: 26,294.75

Weekly Low: 23,948.85

Weekly Close: 24,169.95

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  23,300 levels, whereas minor resistance on the upside is capped around 24,950-25,000 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 22,600 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 25,700.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 22,800 on downside and 25,500 on upside.