EquityPandit’s Outlook for NIFTY Auto for the week (August 22, 2016 – August 26, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.20%.

As we have mentioned last week that minor support for the index lies in the zone 9450 to 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. During the week the index manages to hit a low of 9497 and close the week around the levels of 9639.

Minor support for the index lies in the zone 9450 to 9500. Support for the index lies in the zone of 9150 to 9200 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 8800 to 8900 where medium term moving averages are lying.

Minor resistance for the index lies in the zone of 9850 to 9900. Index is trading around the life – time highs, so virtually no resistance is visible.

Broad range for the index is seen from 9400 to 9450 on downside to 9850 to 9900 on upside.