EquityPandit’s Outlook for NIFTY Auto for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 where short & medium term moving averages are lying. During the week the index manages to hit a low of 11034 and close the week around the levels of 11318.

Minor support for the index lies in the zone of 11100 to 11200. Support for the index lies in the zone of 11000 to 11100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 10700 to 10800 where short & medium term moving averages are lying.

Resistance for the index lies in the zone of 11350 to 11400 where trend-line joining highs formed in the month of June-2017 and August-2017 is lying. If the index manages to close below these levels then the index can move to the levels of 11500 to 11600.

Broad range for the index is seen from 11000 to 11100 on downside & 11500 to 11600 on upside.