NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Jan 23, 2023 – Jan 27, 2023)
NIFTY AUTO Index closed the week on negative note losing 140.70 points 1.10%.
Weekly High: 12,892.25
Weekly Low: 12,673.80
Weekly Close: 12,691.70
Weekly Support & Resistance For Nifty Auto Index:
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 12,600 levels, whereas minor resistance on the upside is capped around 12,800-12,825 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 12,450 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 12,900.
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 12,500 on downside and 12,850 on upside.