EquityPandit’s Outlook for NIFTY ENERGY for the week (March 14, 2016 – March 18, 2016):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 0.70%.

As we have mentioned last week that resistance for the index lies in the zone of 8100 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8700 where 500 Daily SMA is lying. During the week the index manages to hit a high of 8259 and close the week around the levels of 8114.

Minor support for the index lies in the zone of 7700 to 7800. Support for the index lies in the zone of 7350 where the index has made a medium term bottom. If the index closes below this levels then the index can witness the free fall and no support is visible.

Resistance for the index lies in the zone of 8100 to 8200 where 100, 200 and 1000 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8700 where 500 Daily SMA is lying.

Broad range for the index is seen between 7800 to 7850 on downside to 8300 to 8350 on upside.