EquityPandit’s Outlook for NIFTY Auto for the week (Feb 17, 2020 – Feb 21, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 242.40 Points 3.01%.

Weekly High: 8,067.35

Weekly Low: 7,807.30

Weekly Close: 7,822.20

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7725 levels, whereas minor resistance on the upside is capped around 7925-7950 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 7500 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 8100.

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 7550 on downside and 8000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 8,159

RESISTANCE 1: 7,990

SUPPORT 1: 7,730

SUPPORT 2: 7,638