EquityPandit’s Outlook for NIFTY ENERGY for the week (March 06, 2017 – March 10, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on absolutely flat note.

As we have mentioned last week that minor support for the index lies in the zone of 11050 to 11150. Support for the index lies in the zone of 10800 to 10900 from where the index broke out of January-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a low of 11129 and close the week around the levels of 11305.

Minor support for the index lies in the zone of 11050 to 11150. Support for the index lies in the zone of 10800 to 10900 from where the index broke out of January-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 10600 to 10700 where Fibonacci levels and short term moving averages are lying.

The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 11500 to 11600 where Fibonacci extension is lying.

Broad range for the index is seen between 11000 to 11050 on downside & 11500 to 11550 on upside.