EquityPandit’s Outlook for NIFTY Auto for the week (Nov 25, 2019 – Nov 29, 2019):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 118.95 Points 1.46%.

Weekly High: 8,188.85

Weekly Low: 7,973.35

Weekly Close: 8,034.95

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7900 levels, whereas minor resistance on the upside is capped around 8175-8200 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 7750 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 8350.

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 7800 on downside and 8300 on upside.

RESISTANCE 2: 8,281

RESISTANCE 1: 8,158

SUPPORT 1: 7,942

SUPPORT 2: 7,850