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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Feb 15,2021 – Feb 19,2021)
NIFTY ENERGY Index closed the week on positive note gaining 1256.30 points 7.77%.
Weekly High: 17,644.45
Weekly Low: 16,202.80
Weekly Close: 17,415.50
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 18,529 |
| RESISTANCE 1 | 17,972 |
| SUPPORT 1 | 16,530 |
| SUPPORT 2 | 15,645 |
NIFTY ENERGY index opened tad higher and rallied in opening session of the week. Index continued its uptrend throughout the week tracking broader rally. We expect index likely to continue this uptrend, though index may witness profit booking or consolidation after strong rally.
Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 17000 levels, whereas minor resistance on the upside is capped around 17800-17900 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 16600 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 18500.
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 16800 on downside and 18300 on upside.
