EquityPandit’s Outlook for NIFTY Auto for the week  (April 03, 2017 – April 07, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on absolutely flat note.

As we have mentioned last week that support for the index lies in the zone of 9800 to 9820 where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9650 where Fibonacci level is lying. During the week the index manages to hit a low of 9795 and close the week around the levels of 9880.

Support for the index lies in the zone of 9800 to 9820 where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of 9600 to 9650 where Fibonacci level is lying.

Minor resistance for the index lies in the zone of 9920 to 9960. Resistance for the index lies in the zone of 10000 to 10100 from where the index sold off in the month of November-2016 and February-2017. If the index manages to close above these levels then the index can move to the levels of 10200 to 10250 where trend-line joining highs of September-2016 and October-2016 is lying.

Broad range for the index is seen from 9600 to 9650 on downside & 10000 to 10050 on upside.