EquityPandit’s Outlook for NIFTY Auto for the week (September 26, 2016 – September 30, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10282 and close the week around the levels of 10225.

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.

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 10500 to 10600 on upside.