EquityPandit’s Outlook for NIFTY Auto for the week  (July 10, 2017 – July 14, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.80%.

As we have mentioned last week that minor resistance for the index lies in the zone of 10600 to 10700. 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. During the week the index manages to hit a high of 10785 and close the week around the levels of 10729.

Minor support for the index lies in the zone of 10600 to 10650. Support for the index lies in the zone of 10500 to 10550 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 10350 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 10400 to 10500 on downside & 11000 to 11100 on upside.