EquityPandit’s Outlook for NIFTY Auto for the week  (Feb 19, 2018 – Feb 23, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.10%.

As we have mentioned last week that resistance for the index lies in the zone of 11500 to 11600 where Fibonacci levels for the index is lying. If the index manages to close below these levels then the index can move to the levels of 11800 to 11900 from where the index broke down after consolidation. During the week the index manages to hit a high of 10409 and close the week around the levels of 11114.

Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10500 to 10600 where the index has taken support in the month of September-2017.

Minor resistance for the index lies in the zone of 11250 to 11300. Resistance for the index lies in the zone of 11500 to 11600 where Fibonacci levels for the index is lying. If the index manages to close below these levels then the index can move to the levels of 11800 to 11900 from where the index broke down after consolidation.

Broad range for the index is seen from 10500 to 10600 on downside & 11600 to 11700 on upside.