EquityPandit’s Outlook for NIFTY Auto for the week (April 04, 2016 – April 08, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.40%.

As we have mentioned last week that the support for the index lies in the zone of 7800 to 7900 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 7400 to 7500 where short term moving averages are lying. During the week the index manages to hit a low of 7846 and bounce to close the week around the levels of 8025.

Support for the index lies in the zone of 7750 to 7800 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 7400 to 7500 where short term moving averages are lying.

The index has closed around the strong resistance zone of 8000 where 200 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8300 from where the index has sold off in the month of Jan – 2016.

Broad range for the index is seen from 7700 to 7750 on downside to 8100 to 8150 on upside.