EquityPandit’s Outlook for NIFTY ENERGY for the week  (April 24, 2017 – April 28, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.50%.

As we have mentioned last week that minor support for the index lies in the zone of 11900 to 11950. Support for the index lies in the zone of 11620 to 11680 from where the index has broken out of March-2017 highs. 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. During the week the index manages to hit a low of 11969 and close the week around the levels of 12194.

Minor support for the index lies in the zone of 12000 to 12050. Support for the index lies in the zone of 11850 to 11900 where the index has formed a short term bottom. If the index manages to close below these levels then the index can drift to the levels of 11620 to 11680 from where the index has broken out of March-2017 highs.

Resistance for the index lies in the zone of 12150 to 12200 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 12400 to 12500.

Broad range for the index is seen between 11800 to 11850 on downside & 12400 to 12500 on upside.