EquityPandit’s Outlook for NIFTY ENERGY for the week  (Nov 27, 2017 – Dec 01, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 14000 to 14100. If the index manages to close above these levels then the index can move to the levels of 14300 to 14400 from where the index broke down after consolidation. During the week the index manages to hit a high of 14450 and close the week around the levels of 14413.

Support for the index lies in the zone of 14100 to 14200 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13600 to 13700 where the index has formed a double top pattern in the month of September-2017.

Resistance for the index lies in the zone of 14350 to 14450 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 14700 to 14800 where the index has formed a top in the month of October-2017.

Broad range for the index is seen between 14000 to 14100 on downside & 14700 to 14800 on upside.