EquityPandit’s Outlook for NIFTY Auto for the week  (July 31, 2017 – Aug 04, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that 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 11109 and close the week around the levels of 10935.

Minor support for the index lies in the zone of 10800 to 10850. Support for the index lies in the zone of 10650 to 10700 where short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10550 where break out levels for the index is lying.

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 10600 to 10700 on downside & 11300 to 11400 on upside.