EquityPandit’s Outlook for NIFTY Auto for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY AUTO Index closed the week on negative note loosing –227.75 Points –3.18%
Weekly High: 7127.15
Weekly Low: 6727.55
Weekly Close: 6933.75
RESISTANCE 2: 7329
RESISTANCE 1: 7131
SUPPORT 1: 6732
SUPPORT 2: 6530
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 6700 levels, whereas minor resistance on the upside is capped around 7000 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 6600 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 7150.
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 7150 on upside and 6600 on downside.