EquityPandit’s Outlook for NIFTY Auto for the week  (May 15, 2017 – May 19, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 3.20%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10461 and close the week around the levels of 10429.

Minor support for the index lies in the zone of 10300 to 10350. Support for the index lies in the zone of 10100 to 10200 from where the index broke out of February-2017, 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 9900 to 9950 where short term moving averages are lying.

Resistance for the index lies in the zone of 10450 to 10500 where the index has formed a top in the month of September-2016. If the index manages to close above these levels then the index can move to the levels of around 10650 to 10750.

Broad range for the index is seen from 10100 to 10200 on downside & 10600 to 10650 on upside.