EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 03, 2017 – July 07, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 1.40%.

As we have mentioned last week that support for the index lies in the zone of 11600 to 11700 where Fibonacci level and highs for the month of February-2017 & March-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of around 11200 to 11300 where long term break out levels are lying. During the week the index manages to hit a low of 11542 and close the week around the levels of 11600.

Support for the index lies in the zone of 11600 to 11650 where Fibonacci level and highs for the month of February-2017 & March-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of around 11200 to 11300 where long term break out levels are lying.

Minor resistance for the index lies in the zone of 11750 to 11800. Resistance for the index lies in the zone of 12000 to 12100 where Fibonacci level is lying. If the index manages to close above these levels then the index can move to the levels of around 12450 to 12500 where the index has formed a top in the month of April-2017.

Broad range for the index is seen between 11300 to 11350 on downside & 11900 to 12000 on upside.