NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY AUTO Index closed the week on negative note losing 115.30 points 1.41%.
Weekly High: 8,177
Weekly Low: 7,799.45
Weekly Close: 7,996.55
Weekly Support & Resistance For Nifty Auto Index:
RESISTANCE 2 | 8,368 |
RESISTANCE 1 | 8,182 |
SUPPORT 1 | 7,805 |
SUPPORT 2 | 7,613 |
NIFTY AUTO index has witness profit booking after gain of seven consecutive week. Index is outperforming broader market, so any panic in key indices Auto index could witness profit booking.
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 8150-8200 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 7600 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 8400.
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 8300 on upside.