EquityPandit’s Outlook for NIFTY Auto for the week (December 14, 2015 – December 18, 2015):
Nifty AUTO index closed the week on negative note losing around 3.60%.
As we have mentioned last week that support for the index lies in the zone of 8200 where 100 Daily SMA and channel support for the index is positioned. If the index closes below this levels then the index can drift to the levels of 7900 where trend-line support for the index is positioned. During the week the index manages to hit a low of 7893 and close the week around the levels of 7948.
Index has closed around the support zone of 7900. If the index closes below this levels then the index can drift to the levels of 7450 to 7500 where 500 Daily SMA and 100 Weekly SMA are positioned.
Strong resistance for the index lies in the zone of 8200 where short term moving averages and 100 Daily SMA are lying. If the index manages to close above this levels then the index can move to the levels of 8300 where 200 Daily SMA is positioned.
Broad range for the index is seen from 7700 to 7750 on downside to 8100 to 8150 on upside.