EquityPandit’s Outlook for NIFTY Auto for the week (August 08, 2016 – August 12, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.80%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 9283 and close the week around the levels of 9739.

Minor support for the index lies in the zone 9500. Support for the index lies in the zone of 9150 to 9200 where the index has made a short term bottom. If the index manages to close below these levels then the index can drift to the levels of 9000 to 9050 where short term moving averages are lying.

The index has close at the life time highs. So virtually no resistance is visible.

Broad range for the index is seen from 9500 to 9550 on downside to 9950 to 1000 on upside.