EquityPandit’s Outlook for NIFTY Auto for the week (October 03, 2016 – October 07, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.90%.

As we have mentioned last week that minor support for the index lies in the zone 10000 to 10100. 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 9550 to 9600 where short term moving averages are lying. During the week the index manages to hit a low of 9842 and close the week around the levels of 10029.

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.

Minor resistance for the index lies in the zone of 10250 to 10300. Resistance for the index lies in the zone of 10500. As the index is trading at the all time highs virtually no resistance is visible.

Broad range for the index is seen from 9700 to 9750 on downside to 10300 to 10400 on upside.