EquityPandit’s Outlook for NIFTY ENERGY for the week  (April 03, 2017 – April 07, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.40%.

As we have mentioned last week that 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. If the index manages to close below these levels then the index can drift to the levels of 10800 to 10900 from where the index broke out of January-2017 highs. During the week the index manages to hit a low of 11251 and close the week around the levels of 11649.

Minor support for the index lies in the zone of 11580 to 11600. Support for the index lies in the zone of 11450 to 11500 from where the index has broken out after consolidation. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 where the index has taken multiple support in the month of March-2017.

Resistance for the index lies in the zone of 11750 to 11800. If the index manages to close above these levels then the index can move to the levels of 12050 to 12150 where Fibonacci extension is lying.

Broad range for the index is seen between 11350 to 11400 on downside & 11900 to 12000 on upside.