EquityPandit’s Outlook for NIFTY ENERGY for the week (May 02, 2016 – May 06, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.00%.

As we have mentioned last week that the index has closed around the strong resistance zone of 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above these levels then the index can move to the levels of 9100. During the week the index manages to hit a high of 8668 and close the week around the levels of 8400.

Support for the index lies in the zone of 8150 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 7900 from where the index has broken out in the month of March – 2016.

Minor resistance for the index lies in the zone of 8500. Resistance for the index lies in the zone of 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above these levels then the index can move to the levels of 9100.

Broad range for the index is seen between 8150 to 8200 on downside to 8600 to 8650 on upside.