EquityPandit’s Outlook for NIFTY ENERGY for the week (September 19, 2016 – September 23, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.20%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 9756 and close the week around the levels of 9645.

Minor support for the index lies in the zone of 9450 to 9500. 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 9300 to 9350 on downside to 9850 to 9900 on upside.