EquityPandit’s Outlook for NIFTY Auto for the week (October 24, 2016 – October 28, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.20%.

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 9986 and close the week around the levels of 10102.

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.

Minor resistance for the index lies in the zone of 10350 to 10400. 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 9800 to 9850 on downside to 10500 to 10600 on upside.