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Nifty Auto Index Weekly Outlook and Analysis:

For the Week: (June 19, 2023 – June 23, 2023)

Nifty Auto Outlook for the Week (June 19, 2023 – June 23, 2023)

NIFTY AUTO Index closed the week on negative note losing 218.25 points 1.48%.

Weekly High: 14,885.20

Weekly Low: 14,536.35

Weekly Close: 14,550.20

Weekly Support & Resistance For Nifty Auto:

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 14,350 levels, whereas minor resistance on the upside is capped around 14,700-14,750 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 14,150 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 15,000.

Currently NIFTY AUTO index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 14,250 on downside and 14,900 on upside.