NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY AUTO Index closed the week on positive note gaining 225.50 points 2.15%.
Weekly High: 10,749.15
Weekly Low: 10,344.95
Weekly Close: 10,735.75
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index opened tad lower and dragged in opening session of the week. However, index recoup losses in later half tracking broader gain and ended on strong note. We expect index likely to continue this uptrend going forward if broader market remain resilient.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10550 levels, whereas minor resistance on the upside is capped around 10850-10900 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 10300 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 11100.
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 10400 on downside and 11000 on upside.