EquityPandit’s Outlook for NIFTY ENERGY for the week  (Aug 20, 2018 – Aug 24, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 15121 and close the week around the levels of 15250.

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 15000 to 15100 on downside & 15500 to 15600 on upside.