NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Sept 21,2020 – Sept 25,2020)
NIFTY AUTO Index closed the week on positive note gaining 204.90 points 2.58%.
Weekly High: 8,221.30
Weekly Low: 7,955.10
Weekly Close: 8,161.70
Weekly Support & Resistance For Nifty Auto Index:
RESISTANCE 2 | 8,378 |
RESISTANCE 1 | 8,270 |
SUPPORT 1 | 8,004 |
SUPPORT 2 | 7,846 |
NIFTY AUTO index has witness decent gain after consolidation of two weeks. Index again faced resistance of previous swing highs and witness profit booking at the fag end of the week. We expect index likely to breach this resistance if broader indices remain calm going forward.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8050 levels, whereas minor resistance on the upside is capped around 8225-8250 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 7900 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 8450.
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 7950 on downside and 8400 on upside.