EquityPandit’s Outlook for NIFTY Auto for the week  (Apr 23, 2018 – Apr 27, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.20% .

As we have mentioned last week, that resistance for the index lies in the zone of 11500 to 11600 from where the index has broken down and Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 11850 to 12000 where the index has formed a high in the month of January-2018. During the week the index manages to hit a high of 11569 and close the week around the levels of 11440.

Minor support for the index lies in the zone of 11300 to 11350. Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where the index has taken support in the month of September-2017.

Resistance for the index lies in the zone of 11500 to 11600 from where the index has broken down and Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 11850 to 12000 where the index has formed a high in the month of January-2018.

Broad range for the index is seen from 11000 to 11100 on downside & 11800 to 11900 on upside.