EquityPandit’s Outlook for NIFTY Auto for the week (Jan 13, 2020 – Jan 17, 2020)

NIFTY AUTO

NIFTY AUTO Index closed the week on positive note gaining 57.35 Points 0.70%.

Weekly High: 8,246.70

Weekly Low: 7,900.80

Weekly Close: 8,225.50

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8100 levels, whereas minor resistance on the upside is capped around 8325-8350 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 7950 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 8450.

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 8000 on downside and 8450 on upside.

Weekly Pivot Levels:

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RESISTANCE 2: 8,470

RESISTANCE 1: 8,347

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SUPPORT 1: 8,001

SUPPORT 2: 7,778

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