EquityPandit’s Outlook for NIFTY Auto for the week (July 06, 2020 – July 10, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 239.60 points 3.56%.

Weekly High: 6,992.30

Weekly Low: 6,605.50

Weekly Close: 6,971.05

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 6750 levels, whereas minor resistance on the upside is capped around 7075-7100 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 6500 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 7350.

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 6600 on downside and 7300 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 7,243

RESISTANCE 1: 7,107

SUPPORT 1: 6,720

SUPPORT 2: 6,469