EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 14, 2018 – May 18, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 13700 to 13800 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 14100 to 14200 from where the index has broken down and Fibonacci levels are lying. During the week the index manages to hit a high of 14080 and close the week around the levels of 14048.

Minor support for the index lies in the zone of 13700 to 13800. Support for the index lies in the zone of 13400 to 13500 where break out levels and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13100 where the index has taken support in the month of March-2018.

Resistance for the index lies in the zone of 14100 to 14200 from where the index has broken down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14550 to 14650 where the index has formed a top in the month of January-2018.

Broad range for the index is seen between 13500 to 13600 on downside & 14500 to 14600 on upside.