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NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Mar 13, 2023 – March 17, 2023)
NIFTY ENERGY Index closed the week on positive note gaining 428 points 1.92%.
Weekly High: 22,989.25
Weekly Low: 22,436.10
Weekly Close: 22,696.75
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 22,250 levels, whereas minor resistance on the upside is capped around 22,950-23,000 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 21,800 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 23,500.
Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 22,000 on downside and 23,350 on upside.