EquityPandit’s Outlook for NIFTY Auto for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY AUTO Index closed the week on negative note loosing -138.95Points –1.95%
Weekly High: 7593.70
Weekly Low: 7353.80
Weekly Close: 7404.90
RESISTANCE 1: 7,547
SUPPORT 1: 7,307
SUPPORT 2: 7,210
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7200 levels, whereas minor resistance on the upside is capped around 7600-7650 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 76950 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 7900.
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 7000 on downside and 7700 on upside.