EquityPandit’s Outlook for NIFTY ENERGY for the week (February 22, 2016 – February 26, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.70%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 7920 and close the week around the levels of 7792.

Minor support for the index lies in the zone of 7600. 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.

The index has closed around the strong resistance 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 7500 to 7550 on downside to 7900 to 7950 on upside.