EquityPandit’s Outlook for NIFTY Auto for the week (April 25, 2016 – April 29, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on absolutely flat note.

As we have mentioned last week that resistance for the index lies in the zone of 8500 to 8550 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 8800. During the week the index manages to hit a high of 8436 and close the week around the levels of 8403.

Minor support for the index lies in the zone of 8150 to 8250. Support for the index lies in the zone of 8000 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 7750 to 7800 where 100 & 500 Daily SMA is lying.

Resistance for the index lies in the zone of 8500 to 8550 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 8800.

Broad range for the index is seen from 8200 to 8250 on downside to 8500 to 8550 on upside.