EquityPandit’s Outlook for NIFTY Auto for the week  (Aug 28, 2017 – Sep 01, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 10468 and close the week around the levels of 10571.

Support for the index lies in the zone of 10500 to 10600 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 and Fibonacci levels are lying.

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.