EquityPandit’s Outlook for NIFTY Auto for the week (March 23, 2020 – March 27, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 811.85 Points 13.13%.

Weekly High: 6,041.35

Weekly Low: 5,042.90

Weekly Close: 5,370.15

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 4900 levels, whereas minor resistance on the upside is capped around 5650-5700 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 4500 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 6000.

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 4500 on downside and 6000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 6,483

RESISTANCE 1: 5,926

SUPPORT 1: 4,928

SUPPORT 2: 4,486