EquityPandit’s Outlook for NIFTY Auto for the week  (Jan 28, 2019 – Feb 1, 2019) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 6.60%.

As we have mentioned last week, that support for the index lies in the zone of 8500 to 8600 where low for the month of October-2018 and December-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 8100 to 8200 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 8241 and close the week around the levels of 8260.

Support for the index lies in the zone of 8100 to 8200 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 7500 to 7600.

Resistance for the index lies in the zone of 8500 to 8600 from where the index has broken down from the October-2018 low. If the index manages to close below these levels then the index can move to the levels of 8700 to 8800 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen from 7800 to 7900 on downside & 8500 to 8600 on upside.