EquityPandit’s Outlook for NIFTY Auto for the week  (Mar 12, 2018 – Mar 16, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 2.30%.

As we have mentioned last week, that index has closed just below the major support 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. During the week the index manages to hit a low of 10755 and close the week around the levels of 10888.

Index has closed just below the major support zone of 10800 to 10900 where Fibonacci levels 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 11100 to 11200. 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 & 11400 to 11500 on upside.