EquityPandit’s Outlook for NIFTY Auto for the week (May 16, 2016 – May 20, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.60%.

As we have mentioned last week that support for the index lies in the zone of 8000 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 7750 to 7800 where 100 & 500 Daily SMA is lying. During the week the index manages to hit a low of 8076 and close the week around the levels of 8160.

Support for the index lies in the zone of 8000 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 7750 to 7800 where 100 & 500 Daily SMA is lying.

Minor resistance for the index lies in the zone of 8300 to 8350. Resistance for the index lies in the zone of 8500 to 8550 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 8800.

Broad range for the index is seen from 7900 to 7950 on downside to 8350 to 8400 on upside.