EquityPandit’s Outlook for NIFTY Auto for the week (July 22, 2019 – July 26, 2019):
NIFTY AUTO Index closed the week on negative note loosing –460.90 Points –6.02%
Weekly High: 7739.15
Weekly Low: 7180.05
Weekly Close: 7192.75
RESISTANCE 2: 7930
RESISTANCE 1: 7561
SUPPORT 1: 7002
SUPPORT 2: 6812
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7080 levels, whereas minor resistance on the upside is capped around 7240-7250 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 6850 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 7450.
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 7450 on upside and 6850 on downside.