NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (Aug 31,2020 – Sept 04,2020)

NIFTY AUTO Index closed the week on positive note gaining 177.15 points 2.22%.

Weekly High: 8,223.60

Weekly Low: 7,932.50

Weekly Close: 8,111.85

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index has continued its uptrend this week. However, muted profit booking was seen at fag end of the week. We expect index will witness profit booking if it trade below 8000 levels. Momentum indicator also showing divergence which support our view.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8000 levels, whereas minor resistance on the upside is capped around 8225-8250 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 7750 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 8400.

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 7800 on downside and 8350 on upside.