EquityPandit’s Outlook for NIFTY Auto for the week  (May 21, 2018 – May 25, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 3.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 10937 and close the week around the levels of 10963.

Support for the index lies in the zone of 10500 to 10600 where the index has taken support in the month of September-2017 and March-2018. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 11100 to 11200 where Fibonacci levels and medium & long term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11400 to 11500 from where the index has broken down.

Broad range for the index is seen from 10500 to 10600 on downside & 11300 to 11400 on upside.