EquityPandit’s Outlook for NIFTY ENERGY for the week  (Mar 05, 2018 – Mar 09, 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 13900 to 14000 from where the index has broken down from the lows of January-2018 and medium term moving averages is lying. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600 from where the index broke down after consolidation. During the week the index manages to hit a high of 14098 and close the week around the levels of 13961.

Support for the index lies in the zone of 13600 to 13700 where the index has taken support in the month of November-2017 and December-2017. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13100 where long term moving averages are lying.

Resistance for the index lies in the zone of 13900 to 14000 from where the index has broken down from the lows of January-2018 and short & medium term moving averages is lying. If the index manages to close above these levels then the index can move to the levels of 14500 to 14600 from where the index broke down after consolidation.

Broad range for the index is seen between 13400 to 13500 on downside & 14400 to 14500 on upside.