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NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Mar 20, 2023 – March 24, 2023)

NIFTY AUTO Index closed the week on negative note losing 495.65 points 3.89%.

Weekly High: 12,738.40

Weekly Low: 12,159.90

Weekly Close: 12,245.95

Weekly Support & Resistance For Nifty Auto Index:

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 12,100 levels, whereas minor resistance on the upside is capped around 12,400-12,450 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 11,850 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 12,600.

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 11,900 on downside and 12,550 on upside.