EquityPandit’s Outlook for NIFTY Auto for the week (Mar 25, 2019 – Mar 29, 2019) :
NIFTY AUTO Index closed the week on negative note losing -388.90 Points (-4.46%).
Weekly High: 8796.5
Weekly Low: 8319.45
Weekly Close: 8336.60
Huge profit booking has been seen in auto sector counters last week and index took stiff resistance at 100 days EMA. Technically on the daily charts we see minor support on the downside for index lies at 8000- 7900 levels, whereas minor resistance on the upside is capped around 8900- 9000 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 index towards major support on lower side around 7500- 7400 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 9500- 9600
Currently Nifty AUTO index is trading below 200 days exponential moving average suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 9500-9600 on upside and 7500- 7400 on downside.