NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Feb 07, 2022 – Feb 11, 2022)

NIFTY ENERGY Index closed the week on positive note gaining 22.15 points 0.09%.

Weekly High: 25,261.10

Weekly Low: 24,621.45

Weekly Close: 24,699.15

Weekly Support & Resistance For Nifty Index:

RESISTANCE 2	25,500
RESISTANCE 1	25,099
SUPPORT 1	24,460
SUPPORT 2	24,220

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24350 levels, whereas minor resistance on the upside is capped around 25050-25100 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 23900 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 25500.

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 24000 on downside and 25400 on upside.

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