EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 17, 2017 – July 21, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.20%.

As we have mentioned last week that resistance for the index lies in the zone of 12100 to 12200 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. During the week the index manages to hit a high of 12456 and close the week around the levels of 12444.

Minor support for the index lies in the zone of 12280 to 12320. Support for the index lies in the zone of 12100 to 12200 where Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of around 11600 to 11650 where Fibonacci level and highs for the month of February-2017 & March-2017 is lying.

Resistance for the index lies in the zone of 12450 to 12500 where the index has formed a top in the month of April-2017. If the index manages to close above these levels then the index can move to the levels of around 12600 to 12650.

Broad range for the index is seen between 12000 to 12050 on downside & 12600 to 12650 on upside.