EquityPandit’s Outlook for NIFTY Auto for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 10470 to 10520 where medium term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 10800 to 10900 from where the index broke down after consolidation and short term moving averages are lying. During the week the index manages to hit a high of 10810 and close the week around the levels of 10676.

Support for the index lies in the zone of 10470 to 10520 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index broke out of Feb-2017 highs.

Resistance for the index lies in the zone of 10800 to 10900 from where the index broke down after consolidation 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 11000 to 11100 where Fibonacci levels are lying.

Broad range for the index is seen from 10100 to 10200 on downside & 11000 to 11100 on upside.