EquityPandit’s Outlook for NIFTY ENERGY for the week  (Nov 20, 2017 – Nov 24, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.70%.

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 13300 to 13400 where break out levels are lying. During the week the index manages to hit a low of 13625 and close the week around the levels of 13962.

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 13500 to 13600 on downside & 14300 to 14400 on upside.