EquityPandit’s Outlook for NIFTY ENERGY for the week  (Mar 26, 2018 – Mar 28, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 1.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 13142 and close the week around the levels of 13239.

Support for the index lies in the zone of 13000 to 13100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12600 to 12700 where Fibonacci levels and lows for the month of August-2017 and September-2017 are lying.

Resistance for the index lies in the zone of 13400 to 13500 where long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 13900 to 14000 from where the index has broken down from the lows of January-2018 and short term moving averages is lying.

Broad range for the index is seen between 12600 to 12700 on downside & 13700 to 13800 on upside.