EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 02, 2017 – May 05, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.60%.

As we have mentioned last week that resistance for the index lies in the zone of 12150 to 12200 where Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 12400 to 12500. During the week the index manages to hit a high of 12497 and close the week around the levels of 12264.

Support for the index lies in the zone of 12100 to 12200 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of around 11600 to 11700 where short term moving averages and Fibonacci level is lying.

Resistance for the index lies in the zone of 12450 to 12500 where the index has formed a short term top. If the index manages to close above these levels then the index can move to the levels of around 12620 to 12680 where Fibonacci level is lying.

Broad range for the index is seen between 12000 to 12050 on downside & 12500 to 12550 on upside.