EquityPandit’s Outlook for NIFTY Auto for the week (Jan 20, 2020 – Jan 24, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 202.10 Points 2.46%.

Weekly High: 8,463.25

Weekly Low: 8,192.05

Weekly Close: 8,427.60

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8300 levels, whereas minor resistance on the upside is capped around 8525-8550 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 8100 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 8700.

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 8200 on downside and 8650 on upside.

RESISTANCE 2: 8,632

RESISTANCE 1: 8,529

SUPPORT 1: 8,258

SUPPORT 2: 8,089