EquityPandit’s Outlook for NIFTY ENERGY for the week (January 16, 2017 – January 20, 2017) :

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that major resistance for the index lies in the zone of 10600 to 10700 where life time highs for the index is lying. If the index manages to close above these levels then the index will broke out of consolidation zone of more than 2 years and the index can move to the levels of 10900. During the week the index manages to hit a high of 10704 and close the week around the levels of 10656.

Minor support for the index lies in the zone of 10500 to 10550. Support for the index lies in the zone of 10250 to 10350 from where the index broke out of October-2016 and December-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 10000 to 10050 where short term moving averages are lying.

Major resistance for the index lies in the zone of 10600 to 10700 where life time highs for the index is lying. If the index manages to close above these levels then the index will broke out of consolidation zone of more than 2 years and the index can move to the levels of 10900.

Broad range for the index is seen between 10400 to 10450 on downside to 10850 to 10900 on upside.