EquityPandit’s Outlook for NIFTY Auto for the week (July 15, 2019 – July 19, 2019):
NIFTY AUTO Index closed the week on negative note loosing –195.45 Points –2.50%
Weekly High: 7794.25
Weekly Low: 7484.35
Weekly Close: 7653.65
RESISTANCE 2: 7954
RESISTANCE 1: 7804
SUPPORT 1: 7494
SUPPORT 2: 7334
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7480 levels, whereas minor resistance on the upside is capped around 7700-7710 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 7250 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 7800.
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 7800 on upside and 7250 on downside.