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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Jan 25,2021 – Jan 29,2021)
NIFTY AUTO Index closed the week on positive note gaining 337.55 points 3.32%.
Weekly High: 10,780.80
Weekly Low: 9,863.90
Weekly Close: 10,515.85
Weekly Support & Resistance For Nifty Auto Index:
| RESISTANCE 2 | 11,303 |
| RESISTANCE 1 | 10,909 |
| SUPPORT 1 | 9,992 |
| SUPPORT 2 | 9,469 |
NIFTY AUTO index opened flat and dragged in opening session of the week. Index witnessed strong buying in later half of the week, it outperformed bench mark indices and ended on positive note. Though index is in uptrend, it could witnessed profit booking if broader indices witness sharp corrective action.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10300 levels, whereas minor resistance on the upside is capped around 10700-10750 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 9900 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 11000.
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 10000 on downside and 10900 on upside.
