EquityPandit’s Outlook for NIFTY ENERGY for the week  (Apr 23, 2018 – Apr 27, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 1.10% .

As we have mentioned last week, that 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. During the week the index manages to hit a high of 13778 and close the week around the levels of 13476.

Minor support for the index lies in the zone of 13350 to 13400. Support for the index lies in the zone of 13100 to 13200 where the index has formed a bottom in the month of March-2018. If the index manages to close below these levels then the index can drift to the levels of 12600 to 12700 where the index has formed a support in the month of August-2017 and September-2017.

Minor resistance for the index lies in the zone of 13500 to 13550. Resistance for the index lies in the zone of 13700 to 13800 where Fibonacci levels and long 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 13000 to 13100 on downside & 13700 to 13800 on upside.