EquityPandit’s Outlook for NIFTY Auto for the week  (July 17, 2017 – July 21, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 1.50%.

As we have mentioned last week that minor support for the index lies in the zone of 10600 to 10650. Support for the index lies in the zone of 10500 to 10550 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10300 to 10350 where Fibonacci levels are lying. During the week the index manages to hit a low of 10573 and close the week around the levels of 10892.

Minor support for the index lies in the zone of 10750 to 10800. Support for the index lies in the zone of 10650 to 10700 where short 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 10550 where break out levels for the index is lying.

Resistance for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of around 11250 to 11300.

Broad range for the index is seen from 10600 to 10700 on downside & 11200 to 11300 on upside.