NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (March 07, 2022 – March 11, 2022)

NIFTY AUTO Index closed the week on negative note losing 998.65 points 9.17%.

Weekly High: 10,851.70

Weekly Low: 9,854.35

Weekly Close: 9,896.65

Weekly Support & Resistance For Nifty Auto Index:

RESISTANCE 2	11,198
RESISTANCE 1	10,547
SUPPORT 1	9,550
SUPPORT 2	9,203

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9450 levels, whereas minor resistance on the upside is capped around 10150-10200 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 9150 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 10500.

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 9250 on downside and 10400 on upside.

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