EquityPandit’s Outlook for NIFTY Auto for the week (March 08, 2016 – March 11, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 6.00%.

As we have mentioned last week that support for the index lies in the zone of 7000 to 7100 where channel support for the index is lying. Minor support for the index lies in the zone of 6800 from where the index has bounced. If the index closes below this levels then the index can drift to the levels of 6500. During the week the index manages to hit a low of 6984 and bounce to close the week around the levels of 7597.

Minor support for the index lies in the zone of 7250. Support for the index lies in the zone of 7000 to 7100 where channel support for the index is lying. Minor support for the index lies in the zone of 6800 from where the index has bounced. If the index closes below this levels then the index can drift to the levels of 6500.

The index has closed around the strong resistance zone of 7500 to 7600 where short term moving averages. If the index manages to close above this levels then the index can move to the levels of 7800 to 7900 where 100 & 500 Daily SMA is lying.

Broad range for the index is seen from 7200 to 7300 on downside to 7800 to 7900 on upside.