EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 24, 2018 – Dec 28, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining 0.70%.

As we have mentioned last week, that 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 9600 to 9700 where Fibonacci levels are lying. During the week the index manages to hit a high of 9580 and close the week around the levels of 9337.

Minor support for the index lies in the zone of 9100 to 9200. Support for the index lies in the zone of 8900 to 9000 where long term 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 9400 to 9500 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where Fibonacci levels are lying.

Broad range for the index is seen from 8900 to 9000 on downside & 9600 to 9700 on upside.