NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Aug 24,2020 – Aug 28,2020)
NIFTY AUTO Index closed the week on positive note gaining 257.05 points 3.35%.
Weekly High: 8,029.75
Weekly Low: 7,667.75
Weekly Close: 7,934.70
Weekly Support & Resistance For Nifty Auto Index:
RESISTANCE 2 | 8,239 |
RESISTANCE 1 | 8,087 |
SUPPORT 1 | 7,725 |
SUPPORT 2 | 7,515 |
NIFTY AUTO index has clocked strong gain this week. However, muted profit booking was seen in later half of the week. We expect index will witness sideways corrective action if it continue trade below 8000 levels.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7800 levels, whereas minor resistance on the upside is capped around 8025-8050 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 7600 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 8250.
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 7700 on downside and 8200 on upside.