EquityPandit’s Outlook for NIFTY ENERGY for the week  (Sep 17, 2018 – Sep 21, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.90%.

As we have mentioned last week, that minor support for the index lies in the zone of 15400 to 15500. 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 15351 and close the week around the levels of 15792.

Minor support for the index lies in the zone of 15400 to 15500. 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 16000 to 16100. If the index manages to close above these levels then the index can move to the levels of 16400 to 16500 where the index has formed a high in the month of August-2018.

Broad range for the index is seen between 15300 to 15400 on downside & 16200 to 16300 on upside.