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Nifty Energy Index: Don't Miss the Bus

Mar 11, 2022

The Russia-Ukraine war has triggered bullish momentum in the commodity space.

US crude oil completes the 'Ram Vanvas' as it hits a 14 year high of US$129 per barrel.

The Nifty Energy Index rallied by ~10% since the Russia-Ukraine war news broke out and is on the verge of bullish breakout.

 

The index is trading around 24,800 level, just near the breakout of bullish or inverted head and shoulder pattern which is placed at 25,100-25,250 zone.

Moving Average Convergence Divergence (MACD) in the lower panel of chart is trending bullish indicating the breakout can be on cards.

The breakout from the pattern can take index to new highs and sky is the limit for these energy stocks.

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Currently, the index is trading 0.1% higher near day's high. Among the top constituents from the index, GAIL India and HPCL are leading the rally.

To know more about how the Nifty and Nifty Energy index are performing, please see the NSE Nifty Live Chart and Nifty Energy chart.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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