EquityPandit’s Outlook for NIFTY ENERGY for the week (February 15, 2016 – February 19, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 5.80%.

As we have mentioned last week that support for the index lies in the zone of 7800 from where the index has broken out on 06/10/2015. If the index closes below this levels then the index can drift to the levels of 7350 where the index has made a medium term bottom. During the week the index manages to hit a low of 7378 and close the week around the levels of 7500.

Support for the index lies in the zone of 7350 where the index has made a medium term bottom. If the index closes below this levels then the index can witness the free fall and no support is visible.

Resistance for the index lies in the zone of 7800 from where the index has broken down from the double bottom pattern. If the index manages to close above this levels then the index can move to the levels of 8100 to 8200 where 100 and 1000 Daily SMA is lying.

Broad range for the index is seen between 7200 to 7250 on downside to 7800 to 7850 on upside.