EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 10, 2017 – July 14, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.90%.

As we have mentioned last week that minor resistance for the index lies in the zone of 11750 to 11800. Resistance for the index lies in the zone of 12000 to 12100 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of around 12450 to 12500 where the index has formed a top in the month of April-2017. During the week the index manages to hit a high of 12085 and close the week around the levels of 12056.

Minor support for the index lies in the zone of 11800 to 11900. Support for the index lies in the zone of 11600 to 11650 where Fibonacci level and highs for the month of February-2017 & March-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of around 11200 to 11300 where long term break out levels are lying.

Resistance for the index lies in the zone of 12100 to 12200 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of around 12450 to 12500 where the index has formed a top in the month of April-2017.

Broad range for the index is seen between 11800 to 11850 on downside & 12200 to 12250 on upside.