EquityPandit’s Outlook for NIFTY ENERGY for the week (September 26, 2016 – September 30, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.50%.

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 9934 and close the week around the levels of 9886.

Support for the index lies in the zone of 9740 to 9760 from where the index has broken out of the double top pattern. If the index manages to close below these levels then the index can drift to the levels of 9450 to 9500 where short term moving averages are lying.

Resistance for the index lies in the zone of 9950 to 10000. If the index manages to close above these levels then the index can move to the levels of 10500.

Broad range for the index is seen between 9650 to 9700 on downside to 10100 to 10200 on upside.