EquityPandit’s Outlook for NIFTY ENERGY for the week  (May 22, 2017 – May 26, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 1.80%.

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 12180 and close the week around the levels of 11795.

Support for the index lies in the zone of 11600 to 11700 where Fibonacci level and highs for the month of February-2017 & March-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of around 11200 to 11300 where long term break out levels are lying.

Minor resistance for the index lies in the zone of 11900 to 12000. Resistance for the index lies in the zone of 12150 to 12200 where Fibonacci levels is lying. If the index manages to close above these levels then the index can move to the levels of around 12450 to 12500 where the index has formed a short term top.

Broad range for the index is seen between 11500 to 11550 on downside & 12000 to 12100 on upside.