EquityPandit’s Outlook for NIFTY ENERGY for the week (October 03, 2016 – October 07, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 1.30%.

As we have mentioned last week that resistance for the index lies in the zone of 9950 to 10000. If the index manages to close above these levels then the index can move to the levels of 10500. During the week the index manages to hit a high of 10018 and close the week around the levels of 9756.

Support for the index lies in the zone of 9450 to 9500 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 9200 to 9250.

Resistance for the index lies in the zone of 9950 to 10000. If the index manages to close above these levels then the index can move to the levels of 10500.

Broad range for the index is seen between 9500 to 9550 on downside to 10000 to 10100 on upside.