EquityPandit’s Outlook for NIFTY ENERGY for the week  (April 17, 2017 – April 21, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.30%.

As we have mentioned last week that resistance for the index lies in the zone of 12050 to 12150 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 12300 to 12400. During the week the index manages to hit a high of 12190 and close the week around the levels of 12018.

Minor support for the index lies in the zone of 11900 to 11950. Support for the index lies in the zone of 11620 to 11680 from where the index has broken out of March-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 where the index has taken multiple support in the month of March-2017.

Resistance for the index lies in the zone of 12050 to 12150 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 12300 to 12400.

Broad range for the index is seen between 11500 to 11550 on downside & 12300 to 12400 on upside.