NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (July 25, 2022 – July 29, 2022)
NIFTY AUTO Index closed the week on positive note gaining 272.55 points 2.20%.
Weekly High: 12,690
Weekly Low: 12,364.65
Weekly Close: 12,634.20
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 12450 levels, whereas minor resistance on the upside is capped around 12750-12800 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 12200 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 13000.
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 12250 on downside and 12900 on upside.