EquityPandit’s Outlook for NIFTY ENERGY for the week  (Aug 27, 2018 – Aug 31, 2018) :  

NIFTY ENERGY:

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

As we have mentioned last week, that resistance for the index lies in the zone of 15300 to 15400. If the index manages to close above these levels then the index can move to the levels of 15600 to 15700. During the week the index manages to hit a high of 15902 and close the week around the levels of 15875.

Minor support for the index lies in the zone of 15400 to 15500. Support for the index lies in the zone of 15000 to 15100 where Fibonacci extension levels are lying. If the index manages to close below these levels then the index can drift to the levels of 14500 to 14600 from where the index broke out of earlier high.

Resistance for the index lies in the zone of 16000 to 16100. If the index manages to close above these levels then the index can move to the levels of 16400 to 16500.

Broad range for the index is seen between 15300 to 15400 on downside & 16100 to 16200 on upside.