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NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (May 22, 2023 – May 26, 2023)
NIFTY AUTO Index closed the week on negative note losing 46.95 points 0.34%.
Weekly High: 14,082.45
Weekly Low: 13,647.60
Weekly Close: 13,863.55
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 13,650 levels, whereas minor resistance on the upside is capped around 13,950-14,000 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 13,500 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 14,200.
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 13,550 on downside and 14,150 on upside.