EquityPandit’s Outlook for NIFTY ENERGY for the week (March 20, 2017 – March 24, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 11400 to 11450. The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 11600 to 11650 where Fibonacci extension is lying. During the week the index manages to hit a high of 11625 and close the week around the levels of 11487.

Minor support for the index lies in the zone of 11400 to 11450. Support for the index lies in the zone of 11150 to 11200 where the index has taken multiple support in the month of March-2017. Support for the index lies in the zone of 10800 to 10900 from where the index broke out of January-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 10600 to 10700 where Fibonacci levels and short term moving averages are lying.

The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 11600 to 11650 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 11750 to 11800.

Broad range for the index is seen between 11150 to 11200 on downside & 11700 to 11750 on upside.