EquityPandit’s Outlook for NIFTY ENERGY for the week (June 13, 2016 – June 17, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 8500. Resistance for the index lies in the zone of 8700 where the index has hit a high in the month of April – 2016. If the index manages to close above these levels then the index can move to the levels of 8800 to 8900. During the week the index manages to hit a high of 8630 and close the week around the levels of 8547.

Support for the index lies in the zone of 8300 to 8350 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8100 to 8150 from where 200 Daily SMA is lying.

Resistance for the index lies in the zone of 8700 where the index has hit a high in the month of April – 2016. If the index manages to close above these levels then the index can move to the levels of 8800 to 8900.

Broad range for the index is seen between 8200 to 8250 on downside to 8650 to 8700 on upside.