EquityPandit’s Outlook for NIFTY ENERGY for the week (November 07, 2016 – November 11, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.60%.

As we have mentioned last week that support for the index lies in the zone of 9900 to 10000 from where the index has broken out of the top formed in the month of September – 2016. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9700 where short term moving averages are lying. During the week the index manages to hit a low of 9653 and close the week around the levels of 9711.

Support for the index lies in the zone of 9500 to 9550 from where the index has bounced in the month of September – 2016 and medium term moving averages are lying. 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.

Resistance for the index lies in the zone of 9850 to 10000 from where the index has broken down from the lows of October – 2016. If the index manages to close above these levels then the index can move to the levels of 10100 to 10200 from where the index has broken down.

Broad range for the index is seen between 9500 to 9550 on downside to 10000 to 10100 on upside.