EquityPandit’s Outlook for NIFTY Auto for the week (March 20, 2017 – March 24, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.35%.

As we have mentioned last week that minor resistance for the index lies in the zone of 9820 to 9850. Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in the month of November-2016 and February-2017. If the index manages to close above these levels then the index can move to the levels of 10200 to 10250 where trend-line joining highs of September-2016 and October-2016 is lying. During the week the index manages to hit a high of 10088 and manages to close the week around the levels of 10009.

Minor support for the index lies in the zone of 9880 to 9910. Support for the index lies in the zone of 9800 to 9820 where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9650 where Fibonacci level is lying.

Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in the month of November-2016 and February-2017. If the index manages to close above these levels then the index can move to the levels of 10200 to 10250 where trend-line joining highs of September-2016 and October-2016 is lying.

Broad range for the index is seen from 9800 to 9850 on downside & 10200 to 10250 on upside.