EquityPandit’s Outlook for NIFTY ENERGY for the week (February 01, 2016 – February 05, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.10%.

As we have mentioned last week that the index has closed around the strong support zone of 8200 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 and 500 Monthly SMA is positioned. During the week the index manages to hit a low of 8195 and bounce to close the week around the levels of 8505.

Support zone of 8200 to 8300 where 200 & 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 and 500 Monthly SMA is positioned.

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 manages to close 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 8650 to 8700 on upside.