EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 03, 2017 – Oct 06, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.10%.

As we have mentioned last week, that support for the index lies in the zone of 12900 to 13000 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 12500 to 12600 from where the index broke out of April-2017 highs and Fibonacci levels are lying. During the week the index manages to hit a low of 12602 and close the week around the levels of 12773.

Support for the index lies in the zone of 12500 to 12600 from where the index broke out of April-2017 highs and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 12100 to 12200 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 12900 to 13000 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 13250 to 13350 from where the index broke down after consolidation.

Broad range for the index is seen between 12100 to 12200 on downside & 13100 to 13200 on upside.