Street signs: Nifty faces resistance, auto stocks see long build-up & more

The bullishness stems from a positive long-term outlook for automakers

Nifty faces resistance at 17,300

The Nifty50, which has bounced over 12 per cent from this year’s lows, faces resistance at 17,300. The index last closed at 17,158, a near three-month high. According to executives at domestic brokerages, several high net-worth investors (HNIs) have covered their aggressive long bets in the index and have built short positions, judging recent gains as excessive. “For traders now, the 200-day simple moving average or 17,000 would act as a key support zone and on the higher side, 17,300-17,400 could act as a profit-booking zone for short-term traders. Buying on dips and selling on rallies