EquityPandit’s Outlook for NIFTY Auto for the week (August 29, 2016 – September 02, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.00%.

As we have mentioned last week that minor support for the index lies in the zone 9450 to 9500. Support for the index lies in the zone of 9150 to 9200 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8800 to 8900 where medium term moving averages are lying. During the week the index manages to hit a low of 9453 and close the week around the levels of 9538.

Minor support for the index lies in the zone 9450 to 9500. Support for the index lies in the zone of 9150 to 9200 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8800 to 8900 where medium term moving averages are lying.

Minor resistance for the index lies in the zone of 9600 to 9650. Resistance for the index lies in the zone of 9850 to 9900 where the index has formed a short term top. Index is trading around the life – time highs, so virtually no resistance is visible.

Broad range for the index is seen from 9200 to 9250 on downside to 9700 to 9750 on upside.