EquityPandit’s Outlook for NIFTY ENERGY for the week (December 28, 2015 – January 01, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.20%.

As we have mentioned last week that the 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. During the week the index manages to hit a high of 8498 and close the week around the levels of 8461.

Support for the index lies in the zone of 8300 where 200 Daily SMA and 200 Weekly SMA are lying. If the index closes below this levels then the index can drift to the levels of 8200 where 1000 Daily SMA is lying.

Resistance for the index lies in the zone of 8650 to 8700 where 500 Daily SMA and 100 Weekly SMA are lying. If the index closes above this levels then the index can move to the levels of 9000.

Broad range for the index is seen between 8200 to 8250 on downside to 8550 to 8600 on upside.