EquityPandit’s Outlook for NIFTY Auto for the week  (Aug 07, 2017 – Aug 11, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of around 11250 to 11300. During the week the index manages to hit a high of 11201 and close the week around the levels of 11138.

Support for the index lies in the zone of 11000 to 11050 from where the index broke out of June-2017 and July-2017 highs and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10800 to 10850 where short term moving averages are lying.

Resistance for the index lies in the zone of 11150 to 11200 where channel resistance for the index is lying. If the index manages to close below these levels then the index can move to the levels of 11500 to 11600 where Fibonacci levels are lying.

Broad range for the index is seen from 10800 to 10900 on downside & 11300 to 11400 on upside.