EquityPandit’s Outlook for NIFTY Energy for the week (March 21, 2016 – March 23, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.00%.

As we have mentioned last week that resistance for the index lies in the zone of 8100 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8700 where 500 Daily SMA is lying. During the week the index manages to hit a high of 8313 and close the week around the levels of 8276.

Strong support for the index lies in the zone of 8100 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 8000.

Resistance for the index lies in the zone of 8700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index manages to close above this levels then the index can move to the levels of 9100.

Broad range for the index is seen between 8000 to 8100 on downside to 8450 to 8500 on upside.