EquityPandit’s Outlook for NIFTY Auto for the week  (Sep 24, 2018 – Sep 28, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 3.90%.

As we have mentioned last week, that support for the index lies in the zone of 10500 to 10600 where the index has taken support in the month of September-2017 and March-2018. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 where Fibonacci levels are lying. During the week the index manages to hit a low of 9935 and close the week around the levels of 10407.

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.

Resistance for the index lies in the zone of 10500 to 10600 from where the index has broken down from the lows formed in the month of September-2017 and March-2018. If the index manages to close below these levels then the index can move to the levels of 10800 to 10900 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen from 9800 to 9900 on downside & 11000 to 11100 on upside.