EquityPandit’s Outlook for NIFTY ENERGY for the week  (Jan 15, 2018 – Jan 19, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that minor support for the index lies in the zone of 14200 to 14300. 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 13100 to 13200. During the week the index manages to hit a low of 14272 and close the week around the levels of 14439.

Minor support for the index lies in the zone of 14200 to 14300. 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 13100 to 13200.

Resistance for the index lies in the zone of 14400 to 14500 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 14000 to 14100 on downside & 14700 to 14800 on upside.