EquityPandit’s Outlook for NIFTY Auto for the week  (Jan 22, 2018 – Jan 25, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.90%.

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 break out levels are lying. During the week the index manages to hit a low of 11515 and close the week around the levels of 11677.

Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels and short term moving averages 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 11800 to 11900 from where the index broke down after consolidation. If the index manages to close below these levels then the index can move to the levels of 12100 to 12200 where the index has formed a short term top.

Broad range for the index is seen from 11200 to 11300 on downside & 12000 to 12100 on upside.