EquityPandit’s Outlook for NIFTY Auto for the week  (July 16, 2018 – July 20, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 11300 to 11350 where Fibonacci levels and 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. During the week the index manages to hit a high of 11253 and close the week around the levels of 11003.

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 11300 to 11350 where Fibonacci levels and 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 10700 to 10800 on downside & 11300 to 11400 on upside.