EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 04, 2017 – Dec 08, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 11350 to 11450 where trend-line joining highs formed in the month of June-2017 and August-2017 is lying. If the index manages to close below these levels then the index can move to the levels of 11550 to 11600 where Fibonacci levels are lying. During the week the index manages to hit a high of 11457 and close the week around the levels of 11188.

Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 from where the index broke out.

Minor resistance for the index lies in the zone of 11250 to 11300. Resistance for the index lies in the zone of 11350 to 11450 where trend-line joining highs formed in the month of June-2017 and August-2017 is lying. If the index manages to close below these levels then the index can move to the levels of 11550 to 11600 where Fibonacci levels are lying.

Broad range for the index is seen from 10700 to 10800 on downside & 11400 to 11500 on upside.