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Nifty Auto Index Weekly Outlook and Analysis:

For the Week: (July 31, 2023 – Aug 04, 2023)

Nifty Auto Outlook for the Week (July 31, 2023 – Aug 04, 2023)

NIFTY AUTO Index closed the week on negative note losing 52.45 points 0.34%.

Weekly High: 15,912.15

Weekly Low: 15,466.90

Weekly Close: 15,537.90

Weekly Support & Resistance for Nifty Auto Index:

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 15,400 levels, whereas minor resistance on the upside is capped around 15,650-15,700 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 15,200 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 15,900.

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 15,250 on downside and 15,800 on upside.

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