EquityPandit’s Outlook for NIFTY Auto for the week  (Feb 25, 2019 – Mar 01, 2019) : 

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that support for the index lies in the zone of 8000 to 8100 where long term Fibonacci levels and low for the month of January-2019 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 8035 and close the week around the levels of 8279.

Support for the index lies in the zone of 8000 to 8100 where long term Fibonacci levels and low for the month of January-2019 are lying. If the index manages to close below these levels then the index can drift to the levels of 7500 to 7600.

Minor resistance for the index lies around 8300 to 8350. Resistance for the index lies in the zone of 8450 to 8550 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 8000 to 8100 on downside & 8500 to 8600 on upside.