EquityPandit’s Outlook for NIFTY Auto for the week  (Sep 04, 2017 – Sep 08, 2017) :

NIFTY AUTO:

Nifty AUTO index closed the week on positive note gaining around 2.40%.

As we have mentioned last week, that support for the index lies in the zone of 10500 to 10600 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index broke out of Feb-2017 highs and Fibonacci levels are lying. During the week the index manages to hit a low of 10486 and close the week around the levels of 10824.

Minor support for the index lies in the zone of 10700 to 10750. Support for the index lies in the zone of 10500 to 10600 where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 10200 to 10300 from where the index broke out of Feb-2017 highs and Fibonacci levels are lying.

Resistance for the index lies in the zone of 10800 to 10900 from where the index broke down after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can move to the levels of 11000 to 11100 where Fibonacci levels are lying.

Broad range for the index is seen from 10500 to 10600 on downside & 11200 to 11300 on upside.