EquityPandit’s Outlook for NIFTY Auto for the week (February 01, 2016 – February 05, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.0%.

As we have mentioned last week that support for the index lies in the zone of 7400 where channel support for the index is positioned. If the index closes below this levels then the index can drift to the levels of 7200 from where the index has broken out in the month of August – 2014. During the week the index manages to hit a low of 7411 and bounce to close the week around the levels of 7625.

Support for the index lies in the zone of 7400 where channel support for the index is positioned. If the index closes below this levels then the index can drift to the levels of 7200 from where the index has broken out in the month of August – 2014.

Resistance for the index lies in the zone of 7800 to 7900 where the index has broken the medium term bottom on 14/12/2015. If the index manages to close above this levels then the index can move to the levels of 8000 where 100 Daily SMA is positioned.

Broad range for the index is seen from 7300 to 7350 on downside to 7800 to 7850 on upside.