EquityPandit’s Outlook for NIFTY Auto for the week (Feb 24, 2020 – Feb 28, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 217 Points 2.74%.

Weekly High: 7,833.60

Weekly Low: 7,606.25

Weekly Close: 7,697.90

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7550 levels, whereas minor resistance on the upside is capped around 7800-7850 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 7400 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 7950.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 7450 on downside and 7900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 7,939

RESISTANCE 1: 7,818

SUPPORT 1: 7,591

SUPPORT 2: 7,485