EquityPandit’s Outlook for NIFTY Auto for the week  (Jan 21, 2019 – Jan 25, 2019) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.10%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 8900 to 9000. Resistance for the index lies in the zone of 9200 to 9300 where Fibonacci levels 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 9400 to 9500 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 8921 and close the week around the levels of 8845.

Support for the index lies in the zone of 8500 to 8600 where low for the month of October-2018 and December-2018 are 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.

Minor resistance for the index lies in the zone of 8900 to 9000. Resistance for the index lies in the zone of 9200 to 9300 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 9400 to 9500 where Fibonacci levels are lying.

Broad range for the index is seen from 8500 to 8600 on downside & 9100 to 9200 on upside.