NIFTY ENERGY Weekly Outlook and Analysis:

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

NIFTY ENERGY Index closed the week on negative note losing 1100.60 points 6.38%.

Weekly High: 17,340.70

Weekly Low: 16,104.60

Weekly Close: 16,159.20

Weekly Support & Resistance For Nifty Energy Index:

NIFTY ENERGY index opened flat and dragged in opening session of the week. Index has given breakdown in early trading session, which trigger further selling pressure. Index remained under pressure throughout the week. We expect index likely to witness further booking going forward.

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 15700 levels, whereas minor resistance on the upside is capped around 16600-16700 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 15300 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 17000.

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 15400 on downside and 16900 on upside.