EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 28, 2018 – June 01, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 13023 and close the week around the levels of 13258.

Support for the index lies in the zone of 13000 to 13100 where the index has taken support in the month of March-2018. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 where the index has taken support in the month of August-2017 and September-2017.

Resistance for the index lies in the zone of 13400 to 13500 where break down levels and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14100 to 14200 where the index has formed a double top pattern.

Broad range for the index is seen between 12500 to 12600 on downside & 13600 to 13800 on upside.