EquityPandit’s Outlook for NIFTY ENERGY for the week (August 22, 2016 – August 26, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.90%.

As we have mentioned last week that resistance for the index lies in the zone of 9500 to 9530. If the index manages to close above these levels then the index can move to the levels of 9600 to 9700. During the week the index manages to hit a high of 9539 and close the week around the levels of 9523.

Minor support for the index lies in the zone of 9200 to 9240. 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.

Resistance for the index lies in the zone of 9530 to 9550. If the index manages to close above these levels then the index can move to the levels of 9700 to 9750.

Broad range for the index is seen between 9300 to 9350 on downside to 9700 to 9750 on upside.