EquityPandit’s Outlook for NIFTY Auto for the week (Feb 10, 2020 – Feb 14, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 184.30 Points 2.34%.

Weekly High: 8,212.20

Weekly Low: 7,816.35

Weekly Close: 8,064.60

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7900 levels, whereas minor resistance on the upside is capped around 8250-8300 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 7750 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 8450.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 7800 on downside and 8400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,426

RESISTANCE 1: 8,245

SUPPORT 1: 7,849

SUPPORT 2: 7,635