NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY AUTO closed the week on positive note gaining 61.10 points 0.85%.

Weekly High: 7,464.15

Weekly Low: 7,121.95

Weekly Close: 7,279.75

Nifty Auto Weekly Support and Resistance Levels:

NIFTY AUTO index is continue its choppy trading activity. We expect index will remain subdued and expected to trade in range with choppy movement.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7125 levels, whereas minor resistance on the upside is capped around 7425-7450 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 6900 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 7650.

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 7000 on downside and 7600 on upside.