EquityPandit’s Outlook for NIFTY ENERGY for the week  (Feb 18, 2019 – Feb 22, 2019) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.60%.

As we have mentioned last week, that support for the index lies in the zone of 14500 to 14700 where Fibonacci levels and high for the month of November-2018 and December-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 14200 to 14300 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a low of 14261 and close the week around the levels of 14618.

Support for the index lies in the zone of 14200 to 14300 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13800 to 13900 where Fibonacci levels and low for the month of January-2019 is lying.

Minor resistance for the index lies around 14700 to 14800. Resistance for the index lies in the zone of 15000 to 15100 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 15500 to 15600 where Fibonacci levels are lying.

Broad range for the index is seen between 14000 to 14100 on downside & 15200 to 15300 on upside.