Bhagyashree Vivarekar / Friday, January 5, 2018 / Categories: Trending, Technicals, Markets Energy Index bewildered amid rising oil prices Brent Crude which is trailing just below its 2015 high of US$70.15 per barrel with a forecast of hitting 100 levels sometime soon are overshadowing the equity markets. The bounce back in Brent Crude amid the Iran Unrest has made an impact, though provisional, on the oil exploration as well as oil marketing companies (OMC) worldwide. India’s Nifty Energy index which includes oil and gas exploration companies and OMCs is left bewildered and is thereby trading in consolidation with intraday volatility since the last few weeks. Energy sector which holds 15 per cent in the Nifty 50 index has kept benchmark indices also on their toes i.e. indecisive. After hitting the all-time high level of above 14660 with 5 consecutive weeks’ rally, Nifty Energy index is seen consolidating at peak levels majorly driven by consolidation of Reliance Industries which holds 49.7 per cent weightage in the index. ONGC which holds 8.6 per cent weightage has bounced back and is trailing at 52-week high levels. On the contrary, BPCL and HPCL which hold 6.3 and 4.9 per cent remained subdued to negative with rise in the global oil prices. Going forward, 14470-14530 will act as the resistance levels for the index, while 14100-14050 will act as the supports followed by 13660-13625 which will act as a trend reversal for energy stocks if breached on the downside. Previous Article Private banks rally; IDFC, Yes Bank, Federal spike up Next Article Gravita India commences production of Lead Tetra Oxide Print 2502 Rate this article: 5.0 Please login or register to post comments.