EquityPandit’s Outlook for NIFTY Auto for the week  (April 24, 2017 – April 28, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.50%.

As we have mentioned last week that support for the index lies in the zone of 9840 to 9870 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9730 to 9780 where the index broke out after consolidation. During the week the index manages to hit a low of 9784 and close the week around the levels of 9859.

Support for the index lies in the zone of 9840 to 9870 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9730 to 9780 where the index broke out after consolidation. Below these levels the index can drift to the levels around 9650 to 9700 where medium term & 200 Daily moving averages are lying.

Minor resistance for the index lies in the zone of 9900 to 9930. 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 9700 to 9730 on downside & 10000 to 10050 on upside.