NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Feb 14, 2022 – Feb 18, 2022)

NIFTY ENERGY Index closed the week on negative note losing 149.45 points 0.61%.

Weekly High: 25,003.60

Weekly Low: 24,340.25

Weekly Close: 24,549.70

Weekly Support & Resistance For Nifty Energy Index:

RESISTANCE 2	25,294
RESISTANCE 1	24,922
SUPPORT 1	24,258
SUPPORT 2	23,967

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24200 levels, whereas minor resistance on the upside is capped around 24850-24900 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 23800 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 25300.

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 23900 on downside and 25200 on upside.

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