EquityPandit’s Outlook for NIFTY Auto for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 11200 to 11300 where the index has formed a high in the month of August-2017 and September-2017. If the index manages to close below these levels then the index can move to the levels of 11400 to 11500. During the week the index manages to hit a high of 11246 and close the week around the levels of 11107.

Support 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 drift to the levels of 10700 to 10800 where short & medium term moving averages are lying.

Resistance for the index lies in the zone of 11200 to 11300 where the index has formed a high in the month of August-2017 and September-2017. If the index manages to close below these levels then the index can move to the levels of 11400 to 11500.

Broad range for the index is seen from 10700 to 10800 on downside & 11300 to 11400 on upside.