EquityPandit’s Outlook for NIFTY Auto for the week  (Jan 15, 2018 – Jan 19, 2018) :  

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 11750 to 11800. Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300 where break out levels are lying. During the week the index manages to hit a low of 11809 and close the week around the levels of 11908.

Minor support for the index lies in the zone of 11750 to 11800. Support for the index lies in the zone of 11550 to 11600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 11200 to 11300 where break out levels are lying.

Resistance for the index lies in the zone of 12100 to 12200 where the index has formed a short term top. If the index manages to close below these levels then the index can move to the levels of 12400 to 12500.

Broad range for the index is seen from 11500 to 11600 on downside & 12300 to 12400 on upside.