EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 08, 2017 – May 12, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.75%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 11907 and close the week around the levels of 11925.

Minor support for the index lies in the zone of 11820 to 11870. Support for the index lies in the zone of 11600 to 11700 where short term moving averages and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of around 11200 to 11300 from where the index broke out in the month of February-2017.

Minor resistance for the index lies in the zone of 12050 to 12150. 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 11600 to 11650 on downside & 12200 to 12250 on upside.