EquityPandit’s Outlook for NIFTY Auto for the week (November 15, 2016 – November 18, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 5.70%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10098 and close the week around the levels of 9308.

Support for the index lies in the zone of 9050 to 9100 where the index has formed a top in the month of January-2015. If the index manages to break below these levels then the index can drift to the levels of 8500 to 8600 where long term moving averages are lying.

Minor resistance for the index lies in the zone of 9700 to 9750. 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 9000 to 9100 on downside to 9700 to 9750 on upside.