EquityPandit’s Outlook for NIFTY ENERGY for the week  (Apr 16, 2018 – Apr 20, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 13500 to 13550 where long term moving averages and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000 from where the index has broken down from the lows of January-2018 and medium term moving averages is lying. During the week the index manages to hit a high of 13713 and close the week around the levels of 13634.

Support for the index lies in the zone of 13500 to 13550 where long term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13100 to 13200 where the index has formed a bottom in the month of March-2018.

Resistance for the index lies in the zone of 13700 to 13800 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000 from where the index has broken down from the lows of January-2018 and medium term moving averages are lying.

Broad range for the index is seen between 13200 to 13300 on downside & 14000 to 14100 on upside.