EquityPandit’s Outlook for NIFTY ENERGY for the week  (Jan 28, 2019 – Feb 1, 2019) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 14500 to 14700 where Fibonacci levels and high for the month of November-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 15000 to 15100 where Fibonacci levels and low for the month of September-2018 is lying. During the week the index manages to hit a high of 15161 and close the week around the levels of 14970.

Support for the index lies in the zone of 14500 to 14700 where Fibonacci levels and high for the month of November-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 14200 to 14300 where Fibonacci levels and short & medium term moving averages are lying.

Resistance for the index lies in the zone of 15000 to 15100 where Fibonacci levels and low for the month of September-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 where Fibonacci levels are lying.

Broad range for the index is seen between 14400 to 14500 on downside & 15400 to 15500 on upside.