EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 24, 2017 – July 28, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 12344 and close the week around the levels of 12641.

Minor support for the index lies in the zone of 12450 to 12500. 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.

The index is trading at all time highs so virtually no resistance is visible. Resistance for the index lies in the zone of 12800 to 12850. If the index manages to close above these levels then the index can move to the levels of 13000.

Broad range for the index is seen between 12200 to 12300 on downside & 12900 to 13000 on upside.