EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 15, 2017 – May 19, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.80%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 12169 and close the week around the levels of 12018.

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 11700 to 11750 on downside & 12250 to 12300 on upside.