EquityPandit’s Outlook for NIFTY ENERGY for the week (January 30, 2017 – February 03, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 3.20%.

As we have mentioned last week that support for the index lies in the zone of 10250 to 10350 from where the index broke out of October-2016 and December-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10050 where short term moving averages are lying. During the week the index manages to hit a low of 10386 and close the week around the levels of 10735.

Support for the index lies in the zone of 10650 to 10700 from where the index broke out of June-2014 highs. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 from where the index broke out on intraday basis.

The index is trading at the life time highs so virtually no resistance is lying. Resistance for the index lies in the zone of 10900 to 11000.

Broad range for the index is seen between 10400 to 10450 on downside to 10950 to 11000 on upside.