EquityPandit’s Outlook for NIFTY ENERGY for the week  (Apr 30, 2018 – May 04, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 4.10%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 14140 and close the week around the levels of 14030.

Minor support for the index lies in the zone of 13850 to 13900. Support for the index lies in the zone of 13650 to 13750 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 13400 to 13500 where break out levels and Fibonacci levels are lying.

Resistance for the index lies in the zone of 14100 to 14200 from where the index has broken down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14550 to 14650 where the index has formed a high in the month of January-2018.

Broad range for the index is seen between 13500 to 13600 on downside & 14500 to 14600 on upside.