EquityPandit’s Outlook for NIFTY ENERGY for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.90%.

As we have mentioned last week, that minor support for the index lies in the zone of 13800 to 13900. Support 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 below these levels then the index can drift to the levels of 13100 to 13200 where short term moving averages are lying. During the week the index manages to hit a low of 13993 and close the week around the levels of 14387.

Minor support for the index lies in the zone of 14250 to 14300. Support 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 below these levels then the index can drift to the levels of 13300 to 13400 where short term moving averages are lying.

Resistance for the index lies in the zone of 14500 to 14600. If the index manages to close above these levels then the index can move to the levels of 14850 to 14900.

Broad range for the index is seen between 14000 to 14100 on downside & 14800 to 14900 on upside.