EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 03, 2018 – Dec 07, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 9150 to 9250. Resistance for the index lies in the zone of 9400 to 9500 where Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where high for the month of October-2018 and Fibonacci levels are lying. During the week the index manages to hit a high of 9292 and close the week around the levels of 9270.

Support for the index lies in the zone of 8900 to 9000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8600 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 9350 to 9450 where Fibonacci levels and high for the month of November-2018 are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where high for the month of October-2018 and Fibonacci levels are lying.

Broad range for the index is seen from 8800 to 8900 on downside & 9500 to 9600 on upside.