EquityPandit’s Outlook for NIFTY Auto for the week  (Aug 20, 2018 – Aug 24, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that minor resistance for the index lies around 10900 to 11000. Resistance for the index lies in the zone of 11300 to 11350 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11450 to 11550 from where the index has broken down and Fibonacci levels are lying. During the week the index manages to hit a high of 10936 and close the week around the levels of 10879.

Support for the index lies in the zone of 10500 to 10600 where the index has taken support in the month of September-2017 and March-2018. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 where Fibonacci levels are lying.

Minor resistance for the index lies around 10900 to 11000. Resistance for the index lies in the zone of 11300 to 11350 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11450 to 11550 from where the index has broken down and Fibonacci levels are lying.

Broad range for the index is seen from 10400 to 10500 on downside & 11200 to 11300 on upside.