EquityPandit’s Outlook for NIFTY ENERGY for the week (April 11, 2016 – April 13, 2016):

NIFTY ENERGY:

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

As we have mentioned last week that 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 these levels then the index can drift to the levels of 8000. During the week the index manages to hit a low of 8264 and close the week around the levels of 8395.

Strong support for the index lies in the zone of 8100 to 8150 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 8000.

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

Broad range for the index is seen between 8100 to 8150 on downside to 8500 to 8550 on upside.