EquityPandit’s Outlook for NIFTY ENERGY for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.20%.

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 13600 to 13700. During the week the index manages to hit a high of 13665 and close the week around the levels of 13047.

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 13250 to 13350 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 13600 to 13700 where the index has formed a double top pattern.

Broad range for the index is seen between 12500 to 12600 on downside & 13400 to 13500 on upside.