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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (March 14, 2022 – March 18, 2022)
NIFTY AUTO Index closed the week on positive note gaining 83.05 points 0.84%.
Weekly High: 10,236.30
Weekly Low: 9,226.95
Weekly Close: 9,979.70
Weekly Support & Resistance For Nifty Auto Index:
| RESISTANCE 2 | 10,823 |
| RESISTANCE 1 | 10,401 |
| SUPPORT 1 | 9,392 |
| SUPPORT 2 | 8,804 |
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9650 levels, whereas minor resistance on the upside is capped around 10250-10300 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 9450 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 9500 on downside and 10400 on upside.
