EquityPandit’s Outlook for NIFTY ENERGY for the week (April 18, 2016 – April 22, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.30%.

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 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above these levels then the index can move to the levels of 9100. During the week the index manages to hit a high of 8695 and close the week around the levels of 8678.

Minor support for the index lies in the zone of 8500 to 8575 levels. If the index manages to close below this levels then the index can drift to the levels of 8150 to 8200 where 100, 200 and 1000 Daily SMA is lying.

The index has closed around the strong resistance zone of 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above these levels then the index can move to the levels of 9100.

Broad range for the index is seen between 8400 to 8450 on downside to 8800 to 8850 on upside.