EquityPandit’s Outlook for NIFTY ENERGY for the week (November 23, 2015 – November 27, 2015):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.4%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8172 and close the week around the levels of 8125.

Support for the index lies in the zone of 8000 where short term moving averages are positioned. If the index closes below this levels then the index can drift to the levels of 7800 to 7850 where the index has taken multiple support.

Resistance for the index lies in the zone of 8200 where 100 & 1000 Daily SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 8350 where 200 Daily SMA is lying.

Broad range for the index is seen between 7950 to 8000 on downside to 8200 to 8250 on upside.