EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 08, 2018 – Oct 12, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 13.80%.

As we have mentioned last week, that minor support for the index lies in the zone of 15400 to 15500. Support for the index lies in the zone of 15000 to 15100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 14500 to 14600 from where the index broke out of earlier high. During the week the index manages to hit a low of 13517 and close the week around the levels of 13538.

Support for the index lies in the zone of 12900 to 13000 where the index has taken multiple support in the month of March-2018, May-2018 & June-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.

Minor resistance for the index lies around 13700 to 13800. Resistance for the index lies in the zone of 14100 to 14200 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 14500 to 14600 where medium term moving averages are lying.

Broad range for the index is seen between 12500 to 12700 on downside & 14200 to 14400 on upside.