EquityPandit’s Outlook for NIFTY ENERGY for the week (April 04, 2016 – April 08, 2016):

NIFTY ENERGY:-

Nifty ENERGY index closed the week on positive note gaining around 0.50%.

As we have mentioned last week that resistance for the index lies in the zone of 8500 to 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above this levels then the index can move to the levels of 9100. During the week the index manages to hit a high of 8503 and close the week around the levels of 8350.

Strong support for the index lies in the zone of 8100 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 8000.

Resistance for the index lies in the zone of 8500 to 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above this levels then the index can move to the levels of 9100.

Broad range for the index is seen between 8050 to 8100 on downside to 8450 to 8500 on upside.