NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Jan 25,2021 – Jan 29,2021)

NIFTY ENERGY Index closed the week on negative note losing 81.25 points 0.47%.

Weekly High: 17,835.65

Weekly Low: 16,933.30

Weekly Close: 17,259.80

Weekly Support & Resistance For Nifty Index:

NIFTY ENERGY index opened flat and dragged in opening session of the week. Index recouped losses and made fresh fifty two weeks high in mid week. Though index succumbed in fag end of the week and ended with muted loss. We expect index likely to witness profit booking going forward.

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 17550-17600 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 16500 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 18000.

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 16600 on downside and 17900 on upside.