EquityPandit’s Outlook for NIFTY ENERGY for the week (September 12, 2016 – September 16, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.70%.

As we have mentioned last week that resistance for the index lies in the zone of 9580 to 9620. If the index manages to close above these levels then the index can move to the levels of 9700 to 9750. During the week the index manages to hit a high of 9720 and close the week around the levels of 9668.

Minor support for the index lies in the zone of 9400 to 9430. Support for the index lies in the zone of 9300 where short term moving average are lying. If the index manages to close below these levels then the index can drift to the levels of 9000 where medium term moving averages are lying.

Resistance for the index lies in the zone of 9700 to 9750 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 9850 to 9900.

Broad range for the index is seen between 9250 to 9300 on downside to 9800 to 9850 on upside.