EquityPandit’s Outlook for NIFTY ENERGY for the week  (July 16, 2018 – July 20, 2018) :  

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 7.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 13500 to 13600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 14000 to 14100 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 14400 and close the week around the levels of 14289.

Support for the index lies in the zone of 14000 to 14100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13700 to 13800 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 14600 to 14700 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 15000 to 15100 where Fibonacci extension levels are lying.

Broad range for the index is seen between 13500 to 13600 on downside & 14600 to 14700 on upside.