EquityPandit’s Outlook for NIFTY ENERGY for the week  (Jan 22, 2018 – Jan 25, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.10%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 14550 and close the week around the levels of 14128.

Minor support for the index lies in the zone of 13900 to 14000. 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.

Minor resistance for the index lies in the zone of 14200 to 14300. Resistance for the index lies in the zone of 14500 to 14550 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 13600 to 13700 on downside & 14500 to 14600 on upside.