EquityPandit’s Outlook for NIFTY Auto for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 6.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 11150 to 11200 where channel resistance for the index is lying. If the index manages to close below these levels then the index can move to the levels of 11500 to 11600 where Fibonacci levels are lying. During the week the index manages to hit a high of 11247 and close the week around the levels of 10458.

Support for the index lies in the zone of 10200 to 10300 from where the index broke out of Feb-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 9900 to 10000 trend-line support and 200 daily moving averages are lying.

Resistance for the index lies in the zone of 10470 to 10520 where medium term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 10800 to 10900 from where the index broke down after consolidation and short term moving averages are lying.

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