EquityPandit’s Outlook for NIFTY ENERGY for the week  (Aug 06, 2018 – Aug 10, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 15000 to 15100 where Fibonacci extension levels are lying. If the index manages to close above these levels then the index can move to the levels of 15300 to 15400. During the week the index manages to hit a high of 15338 and close the week around the levels of 15206.

Support for the index lies in the zone of 15000 to 15100 where Fibonacci extension levels are lying. If the index manages to close below these levels then the index can drift to the levels of 14500 to 14600 from where the index broke out of earlier high.

Resistance for the index lies in the zone of 15300 to 15400. If the index manages to close above these levels then the index can move to the levels of 15600 to 15700.

Broad range for the index is seen between 14500 to 14600 on downside & 15500 to 15600 on upside.