NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY AUTO Index closed the week on positive note gaining 482.40 points 4.55%.
Weekly High: 11,206.95
Weekly Low: 10,535.10
Weekly Close: 11,079.35
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 10900 levels, whereas minor resistance on the upside is capped around 11250-11300 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 10650 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 11600.
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 10700 on downside and 11500 on upside.