EquityPandit’s Outlook for NIFTY ENERGY for the week (July 25, 2016 – July 29, 2016):

NIFTY ENERGY:

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

As we have mentioned last week that minor support for the index lies in the zone of 8880 to 8910 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8680 to 8720 from where the index has broken out of the medium term top and short term moving averages are lying. During the week the index manages to hit a low of 8931 and close the week around the levels of 9207.

Minor support for the index lies in the zone of 8880 to 8910 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8680 to 8720 from where the index has broken out of the medium term top and short term moving averages are lying.

Resistance for the index lies in the zone of 9300. If the index manages to close above these levels then the index can move to the levels of 9450 to 9500.

Broad range for the index is seen between 9000 to 9050 on downside to 9400 to 9450 on upside.