EquityPandit’s Outlook for NIFTY Auto for the week (November 21, 2016 – November 25, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 3.50%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 8771 and close the week around the levels of 8984.

Support for the index lies in the zone of 8550 to 8750 where long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 8300 where the index has taken support in the month of June-2016.

Resistance for the index lies in the zone of 9200 to 9250 where the index had a gap down opening on 15/11/2016. If the index manages to close above these levels then the index can move to the levels of 9450 to 9500 where short term and medium term moving averages are lying.

Broad range for the index is seen from 8500 to 8550 on downside to 9250 to 9300 on upside.