EquityPandit’s Outlook for NIFTY Auto for the week  (May 08, 2017 – May 12, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.40%.

As we have mentioned last week that resistance for the index lies in the zone of 10350 to 10380. If the index manages to close above these levels then the index can move to the levels of around 10450 to 10500 where the index has formed a top in the month of September-2016. During the week the index manages to hit a high of 10352 and close the week around the levels of 10108.

Support for the index lies in the zone of 10050 to 10100 from where the index broke out of March-2017 and April-2017 highs. If the index manages to close below these levels then the index can drift to the levels of around 9850 to 9900 where short term moving averages are lying.

Minor resistance for the index lies in the zone of 10200 to 10250. Resistance for the index lies in the zone of 10350 to 10380. If the index manages to close above these levels then the index can move to the levels of around 10450 to 10500 where the index has formed a top in the month of September-2016.

Broad range for the index is seen from 9850 to 9900 on downside & 10300 to 10350 on upside.