EquityPandit’s Outlook for NIFTY Auto for the week (Oct 21, 2019 – Oct 25, 2019):
NIFTY AUTO Index closed the week on positive note gaining 567.70 Points 7.67%.
Weekly High: 8,007.15
Weekly Low: 7,397.80
Weekly Close: 7,964.75
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7650 levels, whereas minor resistance on the upside is capped around 8150-8200 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 7400 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 8400.
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 7600 on downside and 8400 on upside.
RESISTANCE 2: 8,399
RESISTANCE 1: 8,182
SUPPORT 1: 7,572
SUPPORT 2: 7,180