EquityPandit’s Outlook for NIFTY ENERGY for the week  (Dec 03, 2018 – Dec 07, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that minor support for the index lies around 13800 to 13900. Support for the index lies in the zone of 13000 to 13200 where the index has formed a low in the month of October-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 where high for the month of April-2017 is lying. During the week the index manages to hit a low of 13862 and close the week around the levels of 14324.

Minor support for the index lies around 13900 to 14000. Support for the index lies in the zone of 13500 to 13600 where low for the month of November-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13200 where the index has formed a low in the month of October-2018 and Fibonacci levels are lying.

Resistance for the index lies in the zone of 14500 to 14600 where Fibonacci levels, medium term and high for the month of November-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 15000 to 15100 where Fibonacci levels and low for the month of September-2018 is lying.

Broad range for the index is seen between 13500 to 13600 on downside & 14800 to 15000 on upside.