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NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Feb 27, 2023 – March 03, 2023)

NIFTY ENERGY Index closed the week on negative note losing 522.55 points 2.33%.

Weekly High: 22,506.80

Weekly Low: 21,750.85

Weekly Close: 21,946.65

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  21,500 levels, whereas minor resistance on the upside is capped around 22,200-22,250 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 21,200 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 22,500.

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 21,300 on downside and 22,400 on upside.