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

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 11800 to 11900 from where the index broke down after consolidation. If the index manages to close below these levels then the index can move to the levels of 12100 to 12200 where the index has formed a short term top. During the week the index manages to hit a high of 11766 and close the week around the levels of 11508.

Support for the index lies in the zone of 11500 to 11600 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 11100 to 11200 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 11800 to 11900 from where the index broke down after consolidation. If the index manages to close below these levels then the index can move to the levels of 12100 to 12200 where the index has formed a short term top.

Broad range for the index is seen from 11000 to 11200 on downside & 12000 to 12100 on upside.