EquityPandit’s Outlook for NIFTY Auto for the week (Aug 19, 2019 – Aug 23, 2019):
NIFTY AUTO Index closed the week on negative note loosing -138.95Points –1.95%
Weekly High: 7137.25
Weekly Low: 6772.10
Weekly Close: 6998.45
RESISTANCE 2: 7334
RESISTANCE 1: 7166
SUPPORT 1: 6801
SUPPORT 2: 6604
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 7200-7150 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 6500 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 6500 on downside.