EquityPandit’s Outlook for NIFTY ENERGY for the week (December 14, 2015 – December 18, 2015):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 2.20%.

As we have mentioned last week that support for the index lies in the zone of 8100 to 8150 where 100 & 1000 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 7800 where the index has taken multiple supports. During the week the index manages to hit a low of 7837 and bounce to close the week around the levels of 7990.

Support for the index lies in the zone of 7800 where the index has taken multiple support in recent times. If the index closes below this levels then the index can drift to the levels of 7400.

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.

Broad range for the index is seen between 7700 to 7750 on downside to 8200 to 8250 on upside.