EquityPandit’s Outlook for NIFTY Auto for the week (March 02, 2020 – March 06, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 793.95 Points 10.31%.

Weekly High: 7,644.05

Weekly Low: 6,883.35

Weekly Close: 6,903.95

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 6700 levels, whereas minor resistance on the upside is capped around 7100-7150 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 6300 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 below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 6400 on downside and 7200 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 7,904

RESISTANCE 1: 7,404

SUPPORT 1: 6,643

SUPPORT 2: 6,383