EquityPandit’s Outlook for NIFTY Auto for the week (Dec 16, 2019 – Dec 20, 2019):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 263.10 Points 3.37%.

Weekly High: 8,090.75

Weekly Low: 7,773.60

Weekly Close: 8,069.70

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7850 levels, whereas minor resistance on the upside is capped around 8225-8250 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 7700 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 8400.

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 7800 on downside and 8350 on upside.

RESISTANCE 2: 8,295

RESISTANCE 1: 8,182

SUPPORT 1: 7,865

SUPPORT 2: 7,660