EquityPandit’s Outlook for NIFTY ENERGY for the week (May 23, 2016 – May 27, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.10%.

As we have mentioned last week that support for the index lies in the zone of 8150 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 7900 from where the index has broken out in the month of March – 2016. During the week the index manages to hit a low of 8118 and close the week around the levels of 8131.

Minor support for the index lies in the zone of 7900 to 7920 from where the index has broken out in the month of March – 2016. If the index manages to close below these levels then the index can drift to the levels of 7600.

Strong resistance for the index lies in the zone of 8200 to 8250 where short term moving averages and 100 & 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 8350 to 8400.

Broad range for the index is seen between 7950 to 8000 on downside to 8250 to 8300 on upside.