EquityPandit’s Outlook for NIFTY Auto for the week (July 8, 2019 – July 12, 2019):
NIFTY AUTO Index closed the week on negative note loosing –78.95 Points –1.00%
Weekly High: 8099.05
Weekly Low: 7810.50
Weekly Close: 7849.10
RESISTANCE 2: 8208
RESISTANCE 1: 8029
SUPPORT 1: 7740
SUPPORT 2: 7631
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 7880– 8000 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 8100
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 8100 on upside and 7700 on downside.