EquityPandit’s Outlook for NIFTY ENERGY for the week (November 30, 2015 – December 04, 2015):

NIFTY ENERGY:

Nifty ENERGY index closed the week on positive note gaining around 2.0%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8350 and retraced to close the week around the levels of 8291.

Support for the index lies in the zone of 8150 where 100 & 1000 Daily SMA are positioned. If the index closes below this levels then the index can drift to the levels of 7800 where the index has taken multiple supports.

Resistance for the index lies in the zone of 8350 where 200 Daily SMA is positioned. If the index manages to close above the levels of 8350 then the index can move to the levels of 8600 where 500 Daily SMA and 100 Weekly SMA are positioned.

Broad range for the index is seen between 8000 to 8050 on downside to 8400 to 8450 on upside.