EquityPandit’s Outlook for NIFTY Auto for the week  (Nov 05, 2018 – Nov 09, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 7.00%.

As we have mentioned last week, that minor resistance for the index lies around 8700 to 8800. Resistance for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 9500 to 9600 from where the index has broken down from September-2018 lows. During the week the index manages to hit a high of 9225 and close the week around the levels of 9180.

Minor support for the index lies around 8800 to 8900. Support for the index lies in the zone of 8500 to 8600 where low for the month of October-2018 is lying. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300.

Resistance for the index lies in the zone of 9150 to 9200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 9500 to 9600 from where the index has broken down from September-2018 lows.

Broad range for the index is seen from 8700 to 8800 on downside & 9500 to 9600 on upside.