EquityPandit’s Outlook for NIFTY ENERGY for the week (February 20, 2017 – February 24, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that support for the index lies in the zone of 10650 to 10700 from where the index broke out of June-2014 highs. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 from where the index broke out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where short term moving averages and from where the index broke out from the October-2016 highs. During the week the index manages to hit a low of 10613 and close the week around the levels of 10846.

Support for the index lies in the zone of 10650 to 10700 from where the index broke out of June-2014 highs. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 from where the index broke out on intraday basis. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where short term moving averages and from where the index broke out from the October-2016 highs.

The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 11100 to 11200.

Broad range for the index is seen between 10500 to 10550 on downside & 11200 to 11300 on upside.