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NIFTY ENERGY

Nifty Energy Outlook for the Week (Oct 18,2021 – Oct 22,2021)

NIFTY ENERGY Weekly Outlook and Analysis:

For the Week: (Oct 18,2021 – Oct 22,2021)

NIFTY ENERGY Index closed the week on positive note gaining 864.05 points 3.61%.

Weekly High: 24,826.45

Weekly Low: 23,987.75

Weekly Close: 24,766.35

Weekly Support & Resistance For Nifty Energy Index:

RESISTANCE 225,365           
RESISTANCE 125,065 
SUPPORT 124,227 
SUPPORT 223,688

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at  24300 levels, whereas minor resistance on the upside is capped around 25000-25100 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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