EquityPandit’s Outlook for NIFTY Auto for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY AUTO Index closed the week on positive note gaining +245 Points 3.33%
Weekly High: 7778.15
Weekly Low: 6886.85
Weekly Close: 7605.85
RESISTANCE 2: 8,314
RESISTANCE 1: 7,960
SUPPORT 1: 7,069
SUPPORT 2: 6,532
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7250 levels, whereas minor resistance on the upside is capped around 7950-8000 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 towards major support on lower side around 7000 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 8300.
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 7200 on downside and 8200 on upside.