EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 07, 2018 – May 11, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.80%.

As we have mentioned last week, that minor support for the index lies in the zone of 13850 to 13900. Support for the index lies in the zone of 13650 to 13750 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 13400 to 13500 where break out levels and Fibonacci levels are lying. During the week the index manages to hit a low of 13610 and close the week around the levels of 13643.

Support for the index lies in the zone of 13400 to 13500 where break out levels and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13000 to 13100 where the index has taken support in the month of March-2018.

Resistance for the index lies in the zone of 13700 to 13800 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 14100 to 14200 from where the index has broken down and Fibonacci levels are lying.

Broad range for the index is seen between 13000 to 13100 on downside & 14000 to 14100 on upside.