For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY AUTO Index closed the week on positive note gaining 197.40 points 2.48%.
Weekly High: 8,260.40
Weekly Low: 7,878.30
Weekly Close: 8,163.50
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index has formed triple top formation on daily charts. Index was unable to surpass this resistance zone despite strong buying in broader indices. Index witnessed profit booking at fag end of the week. We expect index could remain under pressure till it close below 8250 levels.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 8050 levels, whereas minor resistance on the upside is capped around 8275-8300 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 7800 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 8450.
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 7900 on downside and 8400 on upside.