EquityPandit’s Outlook for NIFTY Auto for the week  (Nov 19, 2018 – Nov 23, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.80%.

As we have mentioned last week, that minor support for the index lies around 9100 to 9150. Support for the index lies in the zone of 8800 to 8900 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8600 where low for the month of October-2018 is lying. During the week the index manages to hit a low of 8962 and close the week around the levels of 9112.

Minor support for the index lies around 9100 to 9150. Support for the index lies in the zone of 8800 to 8900 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 8500 to 8600 where low for the month of October-2018 is lying.

Minor resistance for the index lies in the zone of 9250 to 9300. Resistance for the index lies in the zone of 9400 to 9500 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 9700 to 9800 where high for the month of October-2018 and Fibonacci levels are lying.

Broad range for the index is seen from 8800 to 8900 on downside & 9500 to 9600 on upside.