EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 26, 2017 – Dec 29, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 11250 to 11300. Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 from where the index broke out. During the week the index manages to hit a low of 11196 and close the week around the levels of 11931.

Minor support for the index lies in the zone of 11750 to 11800. Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300 where short term moving averages are lying.

Resistance for the index lies in the zone of 12100 to 12200 where the index has formed a short term top. If the index manages to close below these levels then the index can move to the levels of 12400 to 12500.

Broad range for the index is seen from 11500 to 11600 on downside & 12200 to 12300 on upside.