EquityPandit’s Outlook for NIFTY Auto for the week (July 1, 2019 – July 5, 2019):
NIFTY AUTO Index closed the week on positive note gaining +59.80 Points +0.76%
Weekly High: 8021.25
Weekly Low: 7761.75
Weekly Close: 7928.05
RESISTANCE 2: 8163.10
RESISTANCE 1: 8045.50
SUPPORT 1: 7786.00
SUPPORT 2: 7644.10
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 8000– 8050 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 7700 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 8200
Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 8200 on upside and 7700 on downside.