EquityPandit’s Outlook for NIFTY ENERGY for the week  (Apr 02, 2018 – Apr 06, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 13400 to 13500 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000 from where the index has broken down from the lows of January-2018 and short term moving averages is lying. During the week the index manages to hit a high of 13396 and close the week around the levels of 13214.

Support for the index lies in the zone of 12900 to 13000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12600 to 12700 where Fibonacci levels and lows for the month of August-2017 and September-2017 are lying.

Resistance for the index lies in the zone of 13400 to 13500 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000 from where the index has broken down from the lows of January-2018 and short term moving averages is lying.

Broad range for the index is seen between 12600 to 12700 on downside & 13700 to 13800 on upside.