EquityPandit’s Outlook for NIFTY Auto for the week  (June 04, 2018 – June 08, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 11150 and close the week around the levels of 11076.

Minor support for the index lies around 10800 to 10900. 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.