For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY AUTO Index closed the week on negative note losing 190.60 points 2.08%.
Weekly High: 9,132.65
Weekly Low: 8,540.95
Weekly Close: 8,978.05
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index opened gap down and dragged in opening session of week. Index recovered partial losses in later half of the week tracking recovery in broader indices. We expect index could continue its sideways corrective action going forward. Momentum indicator also trending down, which further supports bearish activity.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8850 levels, whereas minor resistance on the upside is capped around 9100-9125 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 8700 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 9250.
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 8750 on downside and 9200 on upside.