EquityPandit’s Outlook for NIFTY Auto for the week (Nov 11, 2019 – Nov 15, 2019):

NIFTY AUTO Index closed the week on negative note losing 223.25 Points 2.66%.

Weekly High: 8,417.80

Weekly Low: 8,157.40

Weekly Close: 8,169.65

NIFTY AUTO:
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8050 levels, whereas minor resistance on the upside is capped around 8350-8400 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 7850 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 8675.

Currently NIFTY AUTO index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 7850 on downside and 8600 on upside.

WEEKLY PIVOT LEVELS FOR NIFTY AUTO:

RESISTANCE 2: 8,508

RESISTANCE 1: 8,339

SUPPORT 1: 8,078

SUPPORT 2: 7,987