EquityPandit’s Outlook for NIFTY Auto for the week (July 20,2020 – July 24, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 96.20 points 1.37%.

Weekly High: 7,154.75

Weekly Low: 6,853.75

Weekly Close: 7,137.30

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 6900 levels, whereas minor resistance on the upside is capped around 7225-7250 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 6700 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 7450.

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 6800 on downside and 7350 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 7,349

RESISTANCE 1: 7,243

SUPPORT 1: 6,942

SUPPORT 2: 6,747