EquityPandit’s Outlook for NIFTY Auto for the week  (Oct 01, 2018 – Oct 05, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 7.80%.

As we have mentioned last week, that support for the index lies in the zone of 10100 to 10200 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9400 to 9500 where Fibonacci levels are lying. During the week the index manages to hit a low of 9456 and close the week around the levels of 9590.

Support for the index lies in the zone of 9400 to 9500 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 9000 to 9100 from where the index broke out from the high formed in the year 2015.

Minor resistance for the index lies around 9800 to 9900. Resistance for the index lies in the zone of 10150 to 10250 where Fibonacci levels are lying. If the index manages to close below these levels then the index can move to the levels of 10500 to 10600 from where the index has broken down from the lows formed in the month of September-2017 and March-2018.

Broad range for the index is seen from 9000 to 9100 on downside & 10000 to 10100 on upside.