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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (March 21, 2022 – March 25, 2022)
NIFTY AUTO Index closed the week on positive note gaining 596.30 points 5.98%.
Weekly High: 10,590.50
Weekly Low: 9,817.95
Weekly Close: 10,576
Weekly Support & Resistance For Nifty Auto Index:
| RESISTANCE 2 | 11,100 |
| RESISTANCE 1 | 10,838 |
| SUPPORT 1 | 10,065 |
| SUPPORT 2 | 9,555 |
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Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10300 levels, whereas minor resistance on the upside is capped around 10750-10800 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 10100 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 11050.
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 10200 on downside and 10900 on upside.
