NIFTY ENERGY Weekly Outlook and Analysis:

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

NIFTY ENERGY Index closed the week on positive note gaining 900.75 points 3.82%.

Weekly High: 25,027.60

Weekly Low: 23,342.80

Weekly Close: 24,491.35

Weekly Support & Resistance For Nifty Energy Index:

RESISTANCE 2	25,972
RESISTANCE 1	25,231
SUPPORT 1	23,546
SUPPORT 2	22,602

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  23900 levels, whereas minor resistance on the upside is capped around 25000-25050 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 25600.

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 23600 on downside and 25500 on upside.

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