EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 30, 2018 – Aug 03, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 14600 to 14700 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 15000 to 15100 where Fibonacci extension levels are lying. During the week the index manages to hit a high of 14737 and close the week around the levels of 14694.

Support for the index lies in the zone of 14500 to 14600 from where the index broke out of earlier high. If the index manages to close below these levels then the index can drift to the levels of 14000 to 14100 from where the index broke out of June-2018 high and short & long term moving averages are lying.

Resistance for the index lies in the zone of 15000 to 15100 where Fibonacci extension levels are lying. If the index manages to close above these levels then the index can move to the levels of 15300 to 15400.

Broad range for the index is seen between 14200 to 14300 on downside & 15000 to 15100 on upside.