EquityPandit’s Outlook for NIFTY ENERGY for the week  (Jan 29, 2018 – Feb 02, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.40%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 14660 and close the week around the levels of 14466.

Minor support for the index lies in the zone of 14200 to 14300. Support for the index lies in the zone of 13900 to 14000 where the index has taken support in the month of January-2018 and medium term moving averages is lying. If the index manages to close below these levels then the index can drift to the levels of 13600 to 13700 where the index has taken support in the month of November-2017 and December-2017.

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.

Broad range for the index is seen between 13900 to 14000 on downside & 14700 to 14800 on upside.