EquityPandit’s Outlook for NIFTY ENERGY for the week  (Mar 12, 2018 – Mar 16, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.00%.

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 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. During the week the index manages to hit a high of 13944 and close the week around the levels of 13537.

Support for the index lies in the zone of 13200 to 13300 where long term moving averages and lows for the month of February-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 12900 to 13000 where Fibonacci levels 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 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 13000 to 13100 on downside & 14000 to 14100 on upside.