EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 10, 2018 – Dec 14, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 4.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 9350 to 9450 where Fibonacci levels and high for the month of November-2018 are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where high for the month of October-2018 and Fibonacci levels are lying. During the week the index manages to hit a high of 9312 and close the week around the levels of 8870.

Support for the index lies in the zone of 8500 to 8600 where low for the month of October-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 8100 to 8200 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 8900 to 9000 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 9350 to 9450 where Fibonacci levels and high for the month of November-2018 are lying.

Broad range for the index is seen from 8400 to 8500 on downside & 9100 to 9200 on upside.