EquityPandit’s Outlook for NIFTY Auto for the week  (Mar 26, 2018 – Mar 28, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 2.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 10560 and close the week around the levels of 10638.

Support for the index lies in the zone of 10500 to 10600 where the index has taken support in the month of September-2017. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 where Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 11700 to 11800. Resistance 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 move to the levels of 11500 to 11600 where Fibonacci levels for the index are lying.

Broad range for the index is seen from 10000 to 10100 on downside & 11000 to 11100 on upside.