EquityPandit’s Outlook for NIFTY Auto for the week (Aug 12, 2019 – Aug 16, 2019):
NIFTY AUTO Index closed the week on positive note gaining +203.65 Points +2.94%
Weekly High: 7175.10
Weekly Low: 6751
Weekly Close: 7137.40
RESISTANCE 2: 7445
RESISTANCE 1: 7291
SUPPORT 1: 6867
SUPPORT 2: 6597
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7000 levels, whereas minor resistance on the upside is capped around 7200-7220 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 6700 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 7500.
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 7500 on upside and 6700 on downside.