EquityPandit’s Outlook for NIFTY Auto for the week (June 10, 2019 – June 14, 2019):
NIFTY AUTO Index closed the week on negative note losing -43.70 Points –0.53%
Technically on the daily charts we see minor support on the downside for index lies at 8150– 8175 levels, whereas minor resistance on the upside is capped around 8400– 8450 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 8000– 7950 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 8650– 8700
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 8650– 8700 on upside and 8000– 7950 on downside.