NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Jan 31, 2022 – Feb 04, 2022)

NIFTY ENERGY Index closed the week on negative note losing 378.85 points 1.51%.

Weekly High: 25,285.25

Weekly Low: 23,857.90

Weekly Close: 24,677

Weekly Support & Resistance For Nifty Energy Index:

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24250 levels, whereas minor resistance on the upside is capped around 25250-25300 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 23500 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 25700.

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 23700 on downside and 25500 on upside.