EquityPandit’s Outlook for NIFTY Auto for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 152.75 Points 1.81%.

Weekly High: 8,459.45

Weekly Low: 8,145.80

Weekly Close: 8,274.85

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 8450-8500 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 8600.

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 8500 on upside.

Weekly Pivot Level For Nifty CNX AUTO Index:

RESISTANCE 2: 8,607

RESISTANCE 1: 8,440

SUPPORT 1: 8,127

SUPPORT 2: 7,979