EquityPandit’s Outlook for NIFTY Auto for the week  (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the index lies in the zone of 8550 to 8650 where low for the month of November-2016 and short term bottom 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. During the week the index manages to hit a low of 8500 and close the week around the levels of 8578.

Support for the index lies in the zone of 8500 to 8600. If the index manages to close below these levels then the index can drift to the levels of 8200 to 8300.

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.

Broad range for the index is seen from 8200 to 8300 on downside & 8900 to 9000 on upside.