NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY AUTO Index closed the week on positive note gaining 29.75 points 0.28%.

Weekly High: 10,913.95

Weekly Low: 10,670.55

Weekly Close: 10,765.50

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened tad higher in early part of the week. However, index witnessed profit booking in mid week tracking broader weakness. Index remain under pressure despite broader gain in later half of the week and ended on flat note. We expect index likely to face profit booking or sideways corrective action going forward.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10600 levels, whereas minor resistance on the upside is capped around 10850-10900 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 10400 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 11100.

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 10500 on downside and 11000 on upside.