EquityPandit’s Outlook for NIFTY Auto for the week  (May 29, 2017 – June 02, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.90%.

As we have mentioned last week that resistance for the index lies in the zone of 10450 to 10500 where the index has formed a top in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of around 10650 to 10750. During the week the index manages to hit a high of 10760 and close the week around the levels of 10712.

Minor support for the index lies in the zone of 10450 to 10500. Support for the index lies in the zone of 10150 to 10250 from where the index broke out of February-2017, March-2017 and April-2017 highs. If the index manages to close below these levels then the index can drift to the levels of around 9900 to 9950 where medium term moving averages are lying.

Resistance for the index lies in the zone of 10800 to 10850. If the index manages to close above these levels then the index can move to the levels of around 11000 to 11100 where Fibonacci levels are lying.

Broad range for the index is seen from 10300 to 10400 on downside & 11000 to 11100 on upside.