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By EquityPandit

NIFTY AUTO

Nifty Auto Outlook for the Week (Sept 04,2020 – Sept 18,2020)

NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

NIFTYAUTO
NIFTY AUTO Index closed the week on negative note losing 39.75 points 0.50%.

Weekly High: 8,062.35

Weekly Low: 7,780.30

Weekly Close: 7,956.80

Weekly Support & Resistance For Nifty Auto Index:

RESISTANCE 2 8,215
RESISTANCE 1 8,086
SUPPORT 1 7,803
SUPPORT 2 7,651

NIFTY AUTO index has witness sideways corrective action. Index took support of its lower trend line of falling channel and recoup most of the losses. We expect index could resume its uptrend if it manage to hold previous week’s low going forward.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7775 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 8300.

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 82500 on upside.

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