EquityPandit’s Outlook for NIFTY ENERGY for the week (January 09, 2017 – January 13, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10591 and close the week around the levels of 10469.

Minor support for the index lies in the zone of 10250 to 10350 from where the index broke out on October highs. 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.

Major resistance for the index lies in the zone of 10600 to 10700 where life time highs for the index is lying. If the index manages to close above these levels then the index will broke out of consolidation zone of more than 2 years and the index can move to the levels of 10900.

Broad range for the index is seen between 10200 to 10250 on downside to 10650 to 10700 on upside.