EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that support for the index lies in the zone of 13600 to 13700 where the index has formed a double top pattern in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 13100 to 13200 where short term moving averages are lying. During the week the index manages to hit a low of 13604 and close the week around the levels of 13980.

Minor support for the index lies in the zone of 13800 to 13900. Support for the index lies in the zone of 13600 to 13700 where the index has formed a double top pattern in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 13100 to 13200 where short term moving averages are lying.

Resistance for the index lies in the zone of 14050 to 14100. If the index manages to close above these levels then the index can move to the levels of 14250 to 14300.

Broad range for the index is seen between 13600 to 13700 on downside & 14200 to 14300 on upside.