EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 14200 to 14300 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 medium term moving averages are lying. During the week the index manages to hit a high of 14156 and close the week around the levels of 13524.

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 14200 to 14300 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 medium term moving averages are lying.

Broad range for the index is seen between 13000 to 13100 on downside & 14100 to 14200 on upside.