EquityPandit’s Outlook for NIFTY Auto for the week  (July 02, 2018 – July 06, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 3.40%.

As we have mentioned last week, that minor support for the index lies around 11000 to 11100. Support for the index lies in the zone of 10700 to 10800 where the index has formed a bottom in the month of May-2018. 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 and March-2018. During the week the index manages to hit a low of 10611 and close the week around the levels of 10709.

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.

Minor resistance for the index lies around 10900 to 11000. Resistance for the index lies in the zone of 11300 to 11350 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 11450 to 11550 from where the index has broken down and Fibonacci levels are lying.

Broad range for the index is seen from 10300 to 10400 on downside & 11000 to 11100 on upside.