EquityPandit’s Outlook for NIFTY Auto for the week (June 17, 2019 – June 21, 2019):
NIFTY AUTO Index closed the week on negative note losing –160.40 Points –1.96%
Technically on the daily charts we see minor support on the downside for index lies at 8020 levels, whereas minor resistance on the upside is capped around 8355 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 7820 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 8520.
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 8520 on upside and 7820 on downside.