EquityPandit’s Outlook for NIFTY ENERGY for the week (July 18, 2016 – July 22, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 8800 to 8900. Resistance for the index lies in the zone of 9100 from where the index has retraced couple of times in Feb – 2015 and July – 2015. During the week the index manages to hit a high of 9149 and close the week around the levels of 9067.

Minor 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 and short term moving averages are lying.

Resistance for the index lies in the zone of 9100 to 9150 from where the index has retraced couple of times in Feb – 2015 and July – 2015. If the index manages to close above these levels then the index can move to the levels of 9400 to 9450.

Broad range for the index is seen between 8800 to 8850 on downside to 9200 to 9250 on upside.