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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Feb 15,2021 – Feb 19,2021)
NIFTY AUTO Index closed the week on positive note gaining 910.80 points 9.28%.
Weekly High: 10,988.35
Weekly Low: 9,726.55
Weekly Close: 10,723.95
Weekly Support & Resistance For Nifty Auto Index:
| RESISTANCE 2 | 11,741 |
| RESISTANCE 1 | 11,232 |
| SUPPORT 1 | 9,970 |
| SUPPORT 2 | 9,217 |
NIFTY AUTO index opened tad higher and rallied in opening session of the week. Index continued its uptrend and made fresh fifty two week high tracking strong broader rally. However, index witnesses profit booking at fag end of the week. Though index is in uptrend, it may witness consolidation or profit booking after strong rally going forward.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10400 levels, whereas minor resistance on the upside is capped around 11000-11050 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 10000 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 11500.
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 10200 on downside and 11300 on upside.
