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Nifty Auto Index Weekly Outlook and Analysis:

For the Week: (June 12, 2023 – June 16, 2023)

Nifty Outlook for the Week (May 22, 2023 – May 26, 2023)

NIFTY AUTO Index closed the week on positive note gaining 237.40 points 1.65%.

Weekly High: 14,903.10

Weekly Low: 14,449.75

Weekly Range: 14,626

Weekly Support & Resistance For Nifty:

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 14,400 levels, whereas minor resistance on the upside is capped around 14,800-14,850 levels. 

If NIFTY AUTO index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 14,200 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 15,000.

Currently NIFTY AUTO index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 14,250 on downside and 14,900 on upside.