EquityPandit’s Outlook for NIFTY Auto for the week  (June 18, 2018 – June 22, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 11300 to 11350 where Fibonacci levels and medium & long term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11450 to 11550 from where the index has broken down and Fibonacci levels are lying. During the week the index manages to hit a high of 11311 and close the week around the levels of 11173.

Minor support for the index lies around 11000 to 11100. Support for the index lies in the zone of 10700 to 10800 where the index has formed a bottom in the month of May-2018. 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 and March-2018.

Resistance for the index lies in the zone of 11300 to 11350 where Fibonacci levels and medium & long term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11450 to 11550 from where the index has broken down and Fibonacci levels are lying.

Broad range for the index is seen from 10700 to 10800 on downside & 11500 to 11600 on upside.