EquityPandit’s Outlook for NIFTY ENERGY for the week  (June 11, 2018 – June 15, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 13889 and close the week around the levels of 13863.

Minor support for the index lies in the zone of 13700 to 13750. Support for the index lies in the zone of 13500 to 13600 where 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 13900 to 14000 where 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 13400 to 13500 on downside & 14100 to 14200 on upside.