EquityPandit’s Outlook for NIFTY ENERGY for the week (July 04, 2016 – July 08, 2016):
Nifty ENERGY index closed the week on positive note gaining around 5.00%.
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 8867 and close the week around the levels of 8849.
Minor support for the index lies in the zone of 8650 to 8700 from where the index has broken out of the medium term top. If the index manages to close below these levels then the index can drift to the levels of 8400 to 8450 where short term moving averages are lying.
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.
Broad range for the index is seen between 8550 to 8600 on downside to 9000 to 9050 on upside.