EquityPandit’s Outlook for NIFTY ENERGY for the week  (Sep 11, 2017 – Sep 15, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.50%.

As we have mentioned last week that minor support for the index lies in the zone of 13000 to 13050. 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. During the week the index manages to hit a low of 13046 and close the week around the levels of 13153.

Minor support for the index lies in the zone of 13000 to 13050. 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 Fibonacci levels & medium term moving averages are lying.

Resistance for the index lies in the zone of 13300 to 13400 where the index has formed a double top pattern. 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 12800 to 12900 on downside & 13500 to 13600 on upside.