EquityPandit’s Outlook for NIFTY ENERGY for the week (May 30, 2016 – June 03, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.80%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8499 and close the week around the levels of 8454.

Support 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 below these levels then the index can drift to the levels of 7900 to 7920 from where the index has broken out in the month of March – 2016.

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 8750 to 8800 on upside.