EquityPandit’s Outlook for NIFTY Auto for the week (June 15, 2020 – June 19, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 69.35 Points 1.05%.

Weekly High: 6,743.15

Weekly Low: 6,074.15

Weekly Close: 6,559.40

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 6250 levels, whereas minor resistance on the upside is capped around 6750-6800 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 5900 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 7100.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 6000 on downside and 7000 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 7,127

RESISTANCE 1: 6,843

SUPPORT 1: 6,174

SUPPORT 2: 5,789