EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 09, 2017 – Oct 13, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 5.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 13430 and close the week around the levels of 13405.

Minor support for the index lies in the zone of 13250 to 13300. Support for the index lies in the zone of 13000 to 13100 where 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.

Resistance for the index lies in the zone of 13600 to 13700 where the index has formed a double top pattern in the month of September-2017. If the index manages to close above these levels then the index can move to the levels of 13800 to 13900.

Broad range for the index is seen between 13000 to 13100 on downside & 13700 to 13800 on upside.