EquityPandit’s Outlook for NIFTY ENERGY for the week (November 21, 2016 – November 25, 2016) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the index manages to hit a low of 9575 and close the week around the levels of 9797.

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 10200 to 10300 where the index has made a top in the month of October-2016.

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