EquityPandit’s Outlook for NIFTY ENERGY for the week (December 07, 2015 – December 11, 2015):

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 8350 where 200 Daily SMA is positioned. If the index manages to close above the levels of 8350 then the index can move to the levels of 8600 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the index manages to hit a high of 8364 and sold off to the levels of 8177.

Support for the index lies in the zone of 8100 to 8150 where 100 & 1000 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 7800 where the index has taken multiple supports.

Resistance for the index lies in the zone of 8350 where 200 Daily SMA is positioned. If the index manages to close above the levels of 8350 then the index can move to the levels of 8600 where 500 Daily SMA and 100 Weekly SMA are positioned.

Broad range for the index is seen between 8000 to 8050 on downside to 8300 to 8350 on upside.