EquityPandit’s Outlook for NIFTY ENERGY for the week (November 16, 2015 – November 20, 2015):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 3.0%.

As we have mentioned last week that support for the index lies in the zone of 8000 from where the index has broken out of the consolidation zone. If the index breaks below this levels on closing basis then the index can drift to the levels of 7800. During the week the index manages to hit a low of 7846 and close the week around the levels of 7932.

Support for the index lies in the zone of 7800 to 7830 from where the index has broken out. If the index closes below this levels then the index can drift to the levels of 7400.

Resistance for the index lies in the zone of 8000 to 8050 where short term moving averages are positioned. If the index manages to close above this levels then the index can move to the levels of 8200 to 8250 where 100 & 1000 Daily SMA are positioned.

Broad range for the index is seen between 7800 to 7850 on downside to 8050 to 8100 on upside.