EquityPandit’s Outlook for NIFTY Auto for the week (September 12, 2016 – September 16, 2016) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.40%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 10467 and close the week around the levels of 10299.

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.

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 10600 to 10700 on upside.