EquityPandit’s Outlook for NIFTY ENERGY for the week (March 14, 2017 – March 17, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.40%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 11649 and close the week around the levels of 11351.

Minor support for the index lies in the zone of 11150 to 11200. 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.

Minor resistance for the index lies in the zone of 11400 to 11450. The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 11600 to 11650 where Fibonacci extension is lying.

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