EquityPandit’s Outlook for NIFTY ENERGY for the week (January 04, 2016 – January 08, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.70%.

As we have mentioned last week that the resistance for the index lies in the zone of 8650 to 8700 where 500 Daily SMA and 100 Weekly SMA are lying. If the index closes above this levels then the index can move to the levels of 9000. During the week the index manages to hit a high of 8610 and virtually close at the highest levels.

Support for the index lies in the zone of 8300 where 200 Daily SMA and 200 Weekly SMA are lying. If the index closes below this levels then the index can drift to the levels of 8200 where 1000 Daily SMA is lying.

Resistance for the index lies in the zone of 8650 to 8700 where 500 Daily SMA and 100 Weekly SMA are lying. If the index closes above this levels then the index can move to the levels of 9000.

Broad range for the index is seen between 8350 to 8400 on downside to 8700 to 8750 on upside.