EquityPandit’s Outlook for NIFTY Auto for the week  ( Jan 01, 2018 – Jan 05, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that minor support for the index lies in the zone of 11750 to 11800. Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300 where short term moving averages are lying. During the week the index manages to hit a low of 11832 and close the week around the levels of 12010.

Minor support for the index lies in the zone of 11750 to 11800. Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300 where break out levels are lying.

Resistance for the index lies in the zone of 12100 to 12200 where the index has formed a short term top. If the index manages to close below these levels then the index can move to the levels of 12400 to 12500.

Broad range for the index is seen from 11700 to 11800 on downside & 12300 to 12400 on upside.