EquityPandit’s Outlook for NIFTY Auto for the week (April 11, 2016 – April 13, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 2.50%.

As we have mentioned last week that 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 these 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 7799 and close the week around the levels of 7831.

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 these levels then the index can drift to the levels of 7400 to 7500 where short term moving averages are lying.

Strong resistance zone for the index lies in the zone of 8000 where 200 Daily SMA is lying. If the index manages to close above these 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 8000 to 8050 on upside.