EquityPandit’s Outlook for NIFTY ENERGY for the week  (Nov 19, 2018 – Nov 23, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that minor support for the index lies around 13700 to 13800. Support for the index lies in the zone of 13000 to 13200 where the index has formed a low in the month of October-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 where high for the month of April-2017 is lying. During the week the index manages to hit a low of 13799 and close the week around the levels of 14313.

Minor support for the index lies around 13900 to 14000. Support for the index lies in the zone of 13000 to 13200 where the index has formed a low in the month of October-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 where high for the month of April-2017 is lying.

Resistance for the index lies in the zone of 14250 to 14350 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 14600 to 14700 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 13800 to 13900 on downside & 14600 to 14700 on upside.