EquityPandit’s Outlook for NIFTY Auto for the week (March 14, 2016 – March 18, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.70%.

As we have mentioned last week that the index has closed around the strong resistance zone of 7500 to 7600 where short term moving averages. If the index manages to close above this levels then the index can move to the levels of 7800 to 7900 where 100 & 500 Daily SMA is lying. During the week the index manages to hit a high of 7751 and close the week around the levels of 7719.

Support for the index lies in the zone of 7400 to 7500 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 7000 to 7100 where channel support for the index is lying.

Resistance for the index lies in the zone of 7800 to 7900 where 100 & 500 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8000 where 200 Daily SMA is lying.

Broad range for the index is seen from 7400 to 7500 on downside to 7900 to 8000 on upside.