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

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.4%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 8530 and close the week around the levels of 8451.

Support for the index lies in the zone of 8350 where 200 Daily SMA is lying. If the index closes below this levels then the index can drift to the levels of 8200 where 100 Daily SMA and channel support for the index is positioned.

Resistance for the index lies in the zone of 8533 where the index has opened the gap down on 21/08/2015. 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 8300 to 8350 on downside to 8600 to 8650 on upside.