EquityPandit’s Outlook for NIFTY Auto for the week  (Apr 30, 2018 – May 04, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 11500 to 11600 from where the index has broken down and Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 11850 to 12000 where the index has formed a high in the month of January-2018. During the week the index manages to hit a high of 11700 and close the week around the levels of 11582.

Minor support for the index lies in the zone of 11350 to 11400. Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where the index has taken support in the month of September-2017.

Resistance for the index lies in the zone of 11500 to 11600 from where the index has broken down and Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 11850 to 12000 where the index has formed a high in the month of January-2018.

Broad range for the index is seen from 11100 to 11200 on downside & 11900 to 12000 on upside.