EquityPandit’s Outlook for NIFTY Auto for the week (November 16, 2015 – November 20, 2015):

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.40%.

As we have mentioned last week that support for the index lies in the zone of 7950 to 8000 where trend-line support for the index is positioned. If the index manages to break this levels on closing basis then the index can drift to the levels of 7600 where channel support for the index is positioned. During the week the index manages to hit a low of 7921 and bounce to close the week around the levels of 8178.

Support for the index lies in the zone of 7950 to 8000 where trend-line support for the index is positioned. If the index manages to break this levels on closing basis then the index can drift to the levels of 7600 where channel support for the index is positioned.

Resistance for the index lies in the zone of 8200 to 8250 where 100 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8400 where 200 Daily SMA is positioned.

Broad range for the index is seen from 7950 to 8000 on downside to 8250 to 8300 on upside.