EquityPandit’s Outlook for NIFTY Auto for the week  (Dec 31, 2018 – Jan 04, 2019) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 9100 to 9200. Support for the index lies in the zone of 8900 to 9000 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8600 where low for the month of October-2018 is lying. During the week the index manages to hit a low of 9059 and close the week around the levels of 9224.

Minor support for the index lies in the zone of 9100 to 9200. Support for the index lies in the zone of 8900 to 9000 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8600 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 9400 to 9500 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where Fibonacci levels are lying.

Broad range for the index is seen from 8900 to 9000 on downside & 9400 to 9500 on upside.