EquityPandit’s Outlook for NIFTY ENERGY for the week  (Dec 31, 2018 – Jan 04, 2019) :  

NIFTY ENERGY:

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

As we have mentioned last week, that minor resistance for the index lies in the zone of 14100 to 14200. Resistance for the index lies in the zone of 14400 to 14500 where Fibonacci levels and high for the month of November-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 15000 to 15100 where Fibonacci levels and low for the month of September-2018 is lying. During the week the index manages to hit a high of 14427 and close the week around the levels of 14370.

Minor support for the index lies around 14100 to 14200. Support for the index lies in the zone of 13800 to 13900 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 13500 to 13600 where low for the month of November-2018 is lying.

Resistance for the index lies in the zone of 14500 to 14700 where Fibonacci levels and high for the month of November-2018 is lying. If the index manages to close above these levels then the index can move to the levels of 15000 to 15100 where Fibonacci levels and low for the month of September-2018 is lying.

Broad range for the index is seen between 13700 to 13800 on downside & 14700 to 14800 on upside.