EquityPandit’s Outlook for NIFTY Auto for the week (March 14, 2017 – March 17, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.00%.

As we have mentioned last week that minor support for the index lies in the zone of 9650 to 9680. Support for the index lies in the zone of 9580 to 9620 where Fibonacci level is lying and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 9350 to 9400 where 200 Daily SMA and breakout levels are lying. During the week the index manages to hit a low of 9644 and close the week around the levels of 9779.

Minor support for the index lies in the zone of 9680 to 9710. Support for the index lies in the zone of 9580 to 9620 where Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 9400 to 9440 where 200 Daily SMA and breakout levels are lying.

Minor resistance for the index lies in the zone of 9820 to 9850. 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 9600 to 9650 on downside & 9900 to 9950 on upside.