EquityPandit’s Outlook for NIFTY ENERGY for the week  (Sep 18, 2017 – Sep 22, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 13300 to 13400 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 13500 to 13600. During the week the index manages to hit a high of 13647 and close the week around the levels of 13347.

Minor support for the index lies in the zone of 13100 to 13150. 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.

Resistance for the index lies in the zone of 13300 to 13400 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 13600 to 13700.

Broad range for the index is seen between 12800 to 12900 on downside & 13600 to 13700 on upside.