EquityPandit’s Outlook for NIFTY ENERGY for the week  (Dec 18, 2017 – Dec 22, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 14050 to 14100. 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. During the week the index manages to hit a low of 13994 and close the week around the levels of 14204.

Minor support for the index lies in the zone of 14050 to 14100. 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.

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 13700 to 13800 on downside & 14700 to 14800 on upside.