EquityPandit’s Outlook for NIFTY ENERGY for the week  (Feb 25, 2019 – Mar 01, 2019) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.10%.

As we have mentioned last week, that support for the index lies in the zone of 14200 to 14300 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13800 to 13900 where Fibonacci levels and low for the month of January-2019 is lying. During the week the index manages to hit a low of 14377 and close the week around the levels of 14777.

Minor support for the index lies around 14500 to 14600. Support for the index lies in the zone of 14200 to 14300 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13800 to 13900 where Fibonacci levels and low for the month of January-2019 is lying.

Resistance for the index lies in the zone of 15000 to 15100 where Fibonacci levels are 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 14200 to 14300 on downside & 15200 to 15300 on upside.