EquityPandit’s Outlook for NIFTY Auto for the week (November 23, 2015 – November 27, 2015):

NIFTY AUTO:

Nifty AUTO 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 to 8250 where 100 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8400 where 200 Daily SMA is positioned. During the week the index manages to hit a high of 8392 and close the week around the levels of 8339.

Support for the index lies in the zone of 8200 where 100 Daily SMA is positioned. If the index closes below this levels then the index can drift to the levels of 7900 to 8000 where trend-line support for the index is lying.

Resistance for the index lies in the zone of 8350 to 8400 where 200 Daily SMA is positioned. If the index manages to close above this levels then the index can move to the levels of 8700 where trend-line joining earlier highs is positioned.

Broad range for the index is seen from 8150 to 8200 on downside to 8500 to 8550 on upside.