EquityPandit’s Outlook for NIFTY Auto for the week  (Feb 4, 2019 – Feb 8, 2019) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 8060 and close the week around the levels of 8441.

Minor support for the index lies around 8300 to 8350. 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 8100 to 8200 on downside & 8600 to 8700 on upside.