EquityPandit’s Outlook for NIFTY ENERGY for the week (December 21, 2015 – December 24, 2015):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.40%.

As we have mentioned last week that strong resistance for the index lies in the zone of 8100 to 8150 where 100 & 1000 Daily SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 8300 where 200 Daily SMA and 200 Weekly SMA are lying. During the week the index manages to hit a high of 8373 and retraced to close the week around the levels of 8275.

Support for the index lies in the zone of 8100 to 8150 where 1000 Daily SMA is lying. If the index closes below this levels then the index can drift to the levels of 8000 where 100 Daily SMA is positioned.

Index has closed around the strong resistance of 8300 where 200 Daily SMA and 200 Weekly SMA are lying. If the index manages to close above this levels 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 8350 to 8400 on upside.