EquityPandit’s Outlook for NIFTY ENERGY for the week (October 10, 2016 – October 14, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 4.00%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10344 and close the week around the levels of 10145.

Support for the index lies in the zone of 10000 from where the index has broken out of the top formed in the month of September – 2016. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9700 where short term moving averages are lying.

Resistance for the index lies in the zone of 10400 to 10500. If the index manages to close above these levels then the index can move to the levels of 10700 where life time high for the index is lying.

Broad range for the index is seen between 9600 to 9700 on downside to 10400 to 10500 on upside.