NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Aug 17,2020 – Aug 21,2020)

NIFTY AUTO Index closed the week on positive note gaining 123.20 points 1.63%.

Weekly High: 7,898.90

Weekly Low: 7,577.50

Weekly Close: 7,677.65

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index has again face resistance at parallel rising channel. We expect index will witness profit booking after strong rally of almost four weeks.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7550 levels, whereas minor resistance on the upside is capped around 7800-7850 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 8000.

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 7450 on downside and 7900 on upside.