EquityPandit’s Outlook for NIFTY Auto for the week (June 27, 2016 – July 01, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.50%.

As we have mentioned last week that resistance for the index lies in the zone of 8830 to 8880 from where the index has retraced in the month of April – 2015 and August – 2015. If the index manages to close above these levels then the index can move to the levels of 9100 where life time highs for the index is lying. During the week the index manages to hit a high of 8880 and close the week around the levels of 8632.

Support 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 below these levels then the index can drift to the levels of 8200 to 8250 where medium term moving averages are lying.

Resistance for the index lies in the zone of 8830 to 8880 from where the index has retraced in the month of April – 2015 and August – 2015. If the index manages to close above these levels then the index can move to the levels of 9100 where life time highs for the index is lying.

Broad range for the index is seen from 8300 to 8350 on downside to 8800 to 8850 on upside.