EquityPandit’s Outlook for NIFTY Auto for the week  (June 27, 2017 – June 30, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 2.10%.

As we have mentioned last week that support for the index lies in the zone of 10600 to 10650 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a low of 10624 and close the week around the levels of 10637.

Support for the index lies in the zone of 10600 to 10650 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10400 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 10700 to 10800. Resistance for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of around 11250 to 11300.

Broad range for the index is seen from 10000 to 10100 on downside & 11000 to 11100 on upside.