EquityPandit’s Outlook for NIFTY ENERGY for the week  (Feb 05, 2018 – Feb 09, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 4.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 14500 to 14600 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 14547 and close the week around the levels of 13775.

Support for the index lies in the zone of 13600 to 13700 where the index has taken support in the month of November-2017 and December-2017. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13100 where long term moving averages are lying.

Resistance for the index lies in the zone of 13900 to 14000 from where the index has broken down from the lows of January-2018 and medium term moving averages is lying. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600 from where the index broke down after consolidation.

Broad range for the index is seen between 13000 to 13100 on downside & 14200 to 14300 on upside.