EquityPandit’s Outlook for NIFTY Auto for the week  (Mar 05, 2019 – Mar 08, 2019) : 

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 8533 and close the week around the levels of 8414.

Minor resistance for the index lies around 8250 to 8300. 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 & February-2019 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 8450 to 8550 from where the index has broken down from the October-2018 low and short term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 8700 to 8800 where high for the month of February-2019 and medium term moving averages are lying.

Broad range for the index is seen from 8100 to 8200 on downside & 8600 to 8700 on upside.