EquityPandit’s Outlook for NIFTY Auto for the week (Nov 18, 2019 – Nov 22, 2019):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 15.75 Points 0.19%.

Weekly High: 8,297.15

Weekly Low: 8,115.95

Weekly Close: 8,153.90

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8000 levels, whereas minor resistance on the upside is capped around 8300-8350 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 7800 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 8500.

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 7800 on downside and 8500 on upside.

RESISTANCE 2: 8,370

RESISTANCE 1: 8,262

SUPPORT 1: 8,080

SUPPORT 2: 8,007