EquityPandit’s Outlook for NIFTY Auto for the week (May 02, 2016 – May 06, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.80%.

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 8523 and close the week around the levels of 8284.

Minor support for the index lies in the zone of 8150 to 8200. 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 8100 to 8150 on downside to 8450 to 8500 on upside.