EquityPandit’s Outlook for NIFTY ENERGY for the week (January 02, 2017 – January 06, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.10%.

As we have mentioned last week that minor support for the index lies in the zone of 9930 to 9960 on intraday basis. Support for the index lies in the zone of 9650 to 9700. Support for the index lies in the zone of 9500 to 9550 from where the index has bounced in the month of September – 2016. If the index manages to close below these levels then the index can drift to the levels of 8800 to 9000 from where the index has broken out of the double top pattern. During the week the index manages to hit a low of 9915 and close the week around the levels of 10272.

Minor support for the index lies in the zone of 10100 to 10150. Support for the index lies in the zone of 9950 to 10000 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9750 to 9800 where the index has formed a bottom in the month of December-2016.

Resistance for the index lies in the zone of 10200 to 10300 where the index has made a top in the month of October-2016. If the index manages to close above these levels then the index can move to the levels of 10500 to 10600 where life time highs for the index is lying.

Broad range for the index is seen between 10000 to 10050 on downside to 10500 to 10600 on upside.