EquityPandit’s Outlook for NIFTY ENERGY for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 4.00%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 12571 and close the week around the levels of 12659.

Support for the index lies in the zone of 12500 to 12600 from where the index broke out of April-2017 highs and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12000 to 12100 where short & medium term moving averages are lying.

Minor resistance for the index lies in the zone of 12800 to 12900. 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 12000 to 12100 on downside & 13000 to 13100 on upside.