EquityPandit’s Outlook for NIFTY Auto for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY AUTO Index closed the week on negative note loosing -138.95Points –1.95%
Weekly High: 7939.25
Weekly Low: 7437.65
Weekly Close: 7554.25
RESISTANCE 1: 7,849
SUPPORT 1: 7,348
SUPPORT 2: 7,142
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 7900-7950 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 8100.
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 7100 on downside and 8100 on upside.