EquityPandit’s Outlook for NIFTY ENERGY for the week  (Dec 04, 2017 – Dec 08, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 14350 to 14450 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 14700 to 14800 where the index has formed a top in the month of October-2017. During the week the index manages to hit a high of 14471 and close the week around the levels of 13941.

Support for the index lies in the zone of 13600 to 13700 where the index has formed a double top pattern in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 13100 to 13200 where medium term moving averages are lying.

Minor resistance for the index lies in the zone of 14050 to 14100. Resistance for the index lies in the zone of 14350 to 14450 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 14700 to 14800 where the index has formed a top in the month of October-2017.

Broad range for the index is seen between 13500 to 13600 on downside & 14300 to 14400 on upside.