EquityPandit’s Outlook for NIFTY Auto for the week (August 01, 2016 – August 05, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that the index has close at the life time highs. So virtually no resistance is visible. Resistance for the index lies in the zone of 9400 to 9450. During the week the index manages to hit a high of 9512 and close the week around the levels of 9471.

Minor support for the index lies in the zone 9200. Support for the index lies in the zone of 8880 to 8950 where the index has opened gap up on 11/07/2016. If the index manages to close below these levels then the index can drift to the levels of 8650 to 8700 where short term moving averages are lying.

The index has close at the life time highs. So virtually no resistance is visible. Resistance for the index lies in the zone of 9550 to 9600.

Broad range for the index is seen from 9100 to 9150 on downside to 9600 to 9650 on upside.