EquityPandit’s Outlook for NIFTY Auto for the week (Sept 17, 2019 – Sept 21, 2019):
NIFTY AUTO Index closed the week on positive note gaining +258.15 Points +3.63 %
Weekly High: 7459.15
Weekly Low: 6992.85
Weekly Close: 7360.6
RESISTANCE 2: 7737
RESISTANCE 1: 7549
SUPPORT 1: 7083
SUPPORT 2: 6805
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7150 levels, whereas minor resistance on the upside is capped around 7450-7500 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 6800 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 7800.
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 7800 on upside and 6800 on downside.