EquityPandit’s Outlook for NIFTY ENERGY for the week (April 25, 2016 – April 29, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on absolutely flat note.

As we have mentioned last week that the index has closed around the strong resistance 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. During the week the index manages to hit a high of 8717 and close the week around the levels of 8662.

Minor support for the index lies in the zone of 8500 to 8575 levels. If the index manages to close below this levels then the index can drift to the levels of 8150 to 8200 where 100, 200 and 1000 Daily SMA is lying.

The index has closed around the strong resistance 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 8400 to 8450 on downside to 8800 to 8850 on upside.