EquityPandit’s Outlook for NIFTY ENERGY for the week (January 25, 2016 – January 29, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on negative note losing around 4.20%.

As we have mentioned last week that the resistance for the index lies in the zone of 8650 to 8700 where 500 Daily SMA and 100 Weekly SMA are lying. If the index closes above this levels then the index can move to the levels of 9000. During the week the index manages to hit a high of 8643 and sold off to close the week around the levels of 8242.

The index has closed around the strong support zone of 8200 where 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.

Resistance for the index lies in the zone of 8300 where 200 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8650 to 8700 where 500 Daily SMA and 100 Weekly SMA are lying.

Broad range for the index is seen between 8000 to 8050 on downside to 8500 to 8550 on upside.