EquityPandit’s Outlook for NIFTY Auto for the week (September 19, 2016 – September 23, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.80%.

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 short term top. 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. During the week the index manages to hit a low of 9970 and close the week around the levels of 10118.

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 short term top. 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.

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 9800 to 9850 on downside to 10400 to 10500 on upside.