For the Week: (Nov 09,2020 – Nov 13,2020)
NIFTY AUTO Index closed the week on negative note losing 336.20 points 4.15%.
Weekly High: 8,135.35
Weekly Low: 7,707.90
Weekly Close: 7,758.40
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index has formed lower low lower high formation on daily charts. Index closed below its rising trend line. We expect index continue this down move and likely to witness profit booking going forward.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7600 levels, whereas minor resistance on the upside is capped around 7900-7950 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 7400 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 8100.
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 7450 on downside and 8000 on upside.