EquityPandit’s Outlook for NIFTY Auto for the week (April 18, 2016 – April 22, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 7.40%.

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 7818 and close the week around the levels of 8400.

Minor support for the index lies in the zone of 8120 to 8160 where the index has opened gap up on 13/04/2016. Support for the index lies in the zone of 8000 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 7750 to 7800 where 100 & 500 Daily SMA is lying.

Resistance for the index lies in the zone of 8500 to 8550 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 8800.

Broad range for the index is seen from 8100 to 8150 on downside to 8500 to 8550 on upside.