NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Aug 10,2020 – Aug 14,2020)

NIFTY AUTO Index closed the week on positive note gaining 274.70 points 3.77%.

Weekly High: 7,598.30

Weekly Low: 7,224.80

Weekly Close: 7,554.45

Weekly Support & Resistance Levels for Nifty Auto Index:

NIFTY AUTO index has resume its uptrend after choppy trading activity on daily charts. We expect index will likely to continue its northward journey in rising channel, till it trade above 7200 levels.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7350 levels, whereas minor resistance on the upside is capped around 7675-7725 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 7100 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 above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 7200 on downside and 7800 on upside.

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