EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 02, 2018 – July 06, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 4.40%.

As we have mentioned last week, that minor support for the index lies in the zone of 13750 to 13800. Support for the index lies in the zone of 13500 to 13600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13100 where the index has taken support in the month of March-2018. During the week the index manages to hit a low of 12949 and close the week around the levels of 13333.

Support for the index lies in the zone of 13000 to 13100 where the index has taken support in the month of March-2018, May-2018 and June-2018. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 where the index has taken support in the month of August-2017 and September-2017.

Resistance for the index lies in the zone of 13500 to 13600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14000 to 14100 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 12500 to 12600 on downside & 14000 to 14100 on upside.