EquityPandit’s Outlook for NIFTY ENERGY for the week  (Aug 07, 2017 – Aug 11, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 4.20%.

As we have mentioned last week that the index is trading at all time highs so virtually no resistance is visible. Resistance for the index lies in the zone of 12800 to 12850. If the index manages to close above these levels then the index can move to the levels of 13000. During the week the index manages to hit a high of 13242 and close the week around the levels of 13204.

Support for the index lies in the zone of 12800 to 12900 from where the index broke out of July-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 from where the index broke out of April-2017 highs and Fibonacci levels are lying.

The index is trading at all time highs so virtually no resistance is visible. Resistance for the index lies in the zone of 13200 to 13250. If the index manages to close above these levels then the index can move to the levels of 13500 to 13600.

Broad range for the index is seen between 12900 to 13000 on downside & 13500 to 13600 on upside.