EquityPandit’s Outlook for NIFTY Auto for the week  (Sep 18, 2017 – Sep 22, 2017) :

NIFTY AUTO:

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

As we have mentioned last week, that resistance for the index lies in the zone of 10800 to 10900 from where the index broke down after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11000 to 11100 where Fibonacci levels are lying. During the week the index manages to hit a high of 11026 and close the week around the levels of 10971.

Minor support for the index lies in the zone of 10800 to 10850. Support for the index lies in the zone of 10500 to 10600 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index broke out of Feb-2017 highs and Fibonacci levels are lying.

Resistance for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 11200 to 11300 where the index has formed a high in the month of August-2017.

Broad range for the index is seen from 10500 to 10600 on downside & 11300 to 11400 on upside.