EquityPandit’s Outlook for NIFTY ENERGY for the week  (Nov 13, 2017 – Nov 17, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 4.50%.

As we have mentioned last week, that minor support for the index lies in the zone of 14250 to 14350. 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 13300 to 13400 where short term moving averages are lying. During the week the index manages to hit a low of 13797 and close the week around the levels of 13863.

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 13300 to 13400 where break out levels are lying.

Resistance for the index lies in the zone of 14000 to 14100. If the index manages to close above these levels then the index can move to the levels of 14300 to 14400 from where the index broke down after consolidation.

Broad range for the index is seen between 13300 to 13400 on downside & 14300 to 14400 on upside.