EquityPandit’s Outlook for NIFTY ENERGY for the week (May 16, 2016 – May 20, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the index manages to hit a low of 8245 and close the week around the levels of 8300.

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 8100 to 8150 on downside to 8450 to 8500 on upside.