NIFTY ENERGY Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY ENERGY Index closed the week on positive note gaining 902.10 points 3.92%.
Weekly High: 24,405.15
Weekly Low: 23,054.10
Weekly Close: 23,902.30
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 23400 levels, whereas minor resistance on the upside is capped around 24400-24500 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 23000 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 25000.
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 23200 on downside and 24900 on upside.