EquityPandit’s Outlook for NIFTY Auto for the week (September 06, 2016 – September 09, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 5.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 9600 to 9650. Resistance for the index lies in the zone of 9850 to 9900 where the index has formed a short term top. Index is trading around the life – time highs, so virtually no resistance is visible. During the week the index manages to hit a high of 10069 and close the week around the levels of 10053.

Minor support for the index lies in the zone 9850 to 9900. Support for the index lies in the zone of 9600 to 9650. If the index manages to close below these levels then the index can drift to the levels of 9400 to 9450 where short term moving averages are lying.

Resistance for the index lies in the zone of 10000 to 10100. If the index manages to close above these levels then the index can move to the levels 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 10300 to 10400 on upside.