EquityPandit’s Outlook for NIFTY ENERGY for the week  (June 04, 2018 – June 08, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 13553 and close the week around the levels of 13498.

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 13500 to 13600 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 13700 to 13800 where Fibonacci levels and medium & long term moving averages are lying.

Broad range for the index is seen between 13000 to 13100 on downside & 13800 to 13900 on upside.