EquityPandit’s Outlook for NIFTY ENERGY for the week (August 01, 2016 – August 05, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 9390 and close the week around the levels of 9312.

Minor support for the index lies in the zone of 9150 to 9200. 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 9350 to 9400. If the index manages to close above these levels then the index can move to the levels of 9500 to 9550.

Broad range for the index is seen between 9100 to 9150 on downside to 9500 to 9550 on upside.