EquityPandit’s Outlook for NIFTY Auto for the week  (Oct 08, 2018 – Oct 12, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 7.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 8837 and close the week around the levels of 8915.

Support for the index lies in the zone of 8550 to 8650 where low for the month of November-2016 is lying. If the index manages to close below these levels then the index can drift to the levels of 8000 to 8100 where Fibonacci levels are lying.

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 8500 to 8600 on downside & 9400 to 9500 on upside.