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By EquityPandit

NIFTY AUTO

Nifty Auto Outlook for the Week Sept 28,2020 – Oct 01,2020)

NIFTY AUTO Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTYAUTO

NIFTY AUTO Index closed the week on negative note losing 492.20 points 6.03%.

Weekly High: 8,176.30

Weekly Low: 7,398.35

Weekly Close: 7,669.50

Weekly Support & Resistance For Nifty Auto Index:

RESISTANCE 2 8,526
RESISTANCE 1 8,097
SUPPORT 1 7,319
SUPPORT 2 6,970

 

NIFTY AUTO index has formed double top formation on daily chart. Index has given breakdown of its rising channel on daily charts. We expect further selling pressure could seen on higher levels going forward.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7450 levels, whereas minor resistance on the upside is capped around 7800-7850 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 7200 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 8100.

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 7250 on downside and 8000 on upside.

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