EquityPandit’s Outlook for NIFTY Auto for the week (November 07, 2016 – November 11, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.80%.

As we have mentioned last week that minor support for the index lies in the zone of 10060 to 10120. Support for the index lies in the zone of 9850 to 9900 where the index has broke out of the top made in the month of August – 2016. If the index manages to close below these levels then the index can drift to the levels of 9450 to 9500 from where the index has bounce couple of times in the month of August – 2016. During the week the index manages to hit a low of 9827 and close the week around the levels 9871.

Support for the index lies in the zone of 9850 to 9900 where the index has broke out of the top made in the month of August – 2016. If the index manages to close below these levels then the index can drift to the levels of 9450 to 9500 from where the index has bounce couple of times in the month of August – 2016.

Resistance for the index lies in the zone of 10100 to 10200. If the index manages to close above these levels then the index can move to the levels of 10400 to 10500 where the index has formed a top in the month of September – 2016 and October – 2016.

Broad range for the index is seen from 9500 to 9550 on downside to 10100 to 10200 on upside.