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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Feb 01,2021 – Feb 05,2021)
NIFTY AUTO Index closed the week on negative note losing 702.70 points 6.68%.
Weekly High: 10,692.15
Weekly Low: 9,776.90
Weekly Close: 9,813.15
Weekly Support & Resistance For Nifty Auto Index:
| RESISTANCE 2 | 11,009 |
| RESISTANCE 1 | 10,411 |
| SUPPORT 1 | 9,495 |
| SUPPORT 2 | 9,178 |
NIFTY AUTO index opened higher and dragged in opening session of the week. Index continued profit booking throughout the week tracking broader weakness. We expect index likely to continue profit booking after relentless rally going forward. However, any positive outcome from budget may trigger short covering bounce.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9550 levels, whereas minor resistance on the upside is capped around 10000-10050 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 9250 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 10400.
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 9300 on downside and 10300 on upside.
