EquityPandit’s Outlook for NIFTY ENERGY for the week (August 29, 2016 – September 02, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 0.40%.

As we have mentioned last week that resistance for the index lies in the zone of 9530 to 9550. If the index manages to close above these levels then the index can move to the levels of 9700 to 9750. During the week the index manages to hit a high of 9584 and close the week around the levels of 9488.

Minor support for the index lies in the zone of 9200 to 9240. Support for the index lies in the zone of 8880 to 8910 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8680 to 8720 from where the index has broken out of the medium term top.

Resistance for the index lies in the zone of 9530 to 9550. If the index manages to close above these levels then the index can move to the levels of 9700 to 9750.

Broad range for the index is seen between 9250 to 9300 on downside to 9650 to 9700 on upside.