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By EquityPandit

NIFTY AUTO

Nifty Auto Outlook for the Week (Oct 05,2020 – Oct 09,2020)

NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTYAUTO
NIFTY AUTO Index closed the week on positive note gaining 296.60 points 3.87%.

Weekly High: 8,089.05

Weekly Low: 7,734.15

Weekly Close: 7,966.10

Weekly Support & Resistance For Nifty Auto Index:

RESISTANCE 2 8,284
RESISTANCE 1 8,125
SUPPORT 1 7,770
SUPPORT 2 7,574

NIFTY AUTO index has recovered from its 100 day sma on daily chart. However, index has witnessed profit booking at the fag end of the week. We expect index could trade in range in absence of any positive announcement for auto sector in expect economic package from government.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7800 levels, whereas minor resistance on the upside is capped around 8100-8125 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 7650 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 8250.

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 7700 on downside and 8200 on upside.

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