EquityPandit’s Outlook for NIFTY Auto for the week (December 21, 2015 – December 24, 2015):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that strong resistance for the index lies in the zone of 8200 where short term moving averages and 100 Daily SMA are lying. If the index manages to close above this levels then the index can move to the levels of 8300 where 200 Daily SMA is positioned. During the week the index manages to hit a high of 8165 and retraced to close the week around the levels of 8088.

Support for the index lies in the zone of 7900 where trend-line joining earlier lows is positioned. If the index closes below this levels then the index can drift to the levels of 7450 to 7500 where 500 Daily SMA and 100 Weekly SMA are positioned.

Strong resistance for the index lies in the zone of 8200 where short term moving averages and 100 Daily SMA are lying. If the index manages to close above this levels then the index can move to the levels of 8300 where 200 Daily SMA is positioned.

Broad range for the index is seen from 7850 to 7900 on downside to 8150 to 8200 on upside.