EquityPandit’s Outlook for NIFTY ENERGY for the week (February 08, 2016 – February 12, 2016):
Nifty ENERGY index closed the week on negative note losing around 5.00%.
As we have mentioned last week that support zone of 8200 to 8300 where 200 & 1000 Daily SMA is lying. If the index closes below this levels then the index can drift to the levels of 8000 where 100 Daily SMA and 500 Monthly SMA is positioned. During the week the index manages to hit a low of 8008 and close the week around the levels of 8080.
Support for the index lies in the zone of 7800 from where the index has broken out on 06/10/2015. If the index closes below this levels then the index can drift to the levels of 7350 where the index has made a medium term bottom.
Resistance for the index lies in the zone of 8100 to 8200 where 100 and 1000 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8500 to 8600 where 500 Daily SMA is lying.
Broad range for the index is seen between 7800 to 7900 on downside to 8200 to 8300 on upside.