EquityPandit’s Outlook for NIFTY ENERGY for the week (August 16, 2016 – August 19, 2016):

NIFTY ENERGY:

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

As we have mentioned last week that minor support for the index lies in the zone of 9150 to 9200. Support for the index lies in the zone of 8880 to 8910 where the index has opened gap up on 11/07/2016 and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8680 to 8720 from where the index has broken out of the medium term top. During the week the index manages to hit a low of 9241 and close the week around the levels of 9434.

Minor support for the index lies in the zone of 9150 to 9200. Support for the index lies in the zone of 8880 to 8910 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8680 to 8720 from where the index has broken out of the medium term top.

Resistance for the index lies in the zone of 9500 to 9530. If the index manages to close above these levels then the index can move to the levels of 9600 to 9700.

Broad range for the index is seen between 9200 to 9250 on downside to 9600 to 9650 on upside.