Nifty Auto Index Weekly Analysis 20-24 Jan 2020

Nifty Auto Index 30 Min Chart 20-24 Jan 2020
Nifty Auto Index 30 Min Chart 20-24 Jan 2020

Nifty Auto Index fell around 1.7 percent in the week gone by 20 Jan – 24 Jan. 2020

Nifty Auto Index rose around 2.6 percent previous week. This week (20 Jan – 24 Jan 2020) Nifty Auto Index witnessed profit booking and fell 1.7 percent.The index had 3 red days and 2 green days during the week.

Nifty Auto Index opened around 8436 levels on Monday, made a high of 8460 on Monday itself, lowest levels of 8149 were touched on Wednesday and closed around 8281 on Friday (24.1.2020)

On Monday ( 20-1-2020) Nifty Auto Index opened at 8439 levels and touched a high of 8458 on the first five minute candle which also turned out to be the highest point of the day. The index could not move past 8450 levels and trended downwards for the rest of the day. The index fell 114 points from day high levels to touch a day low level of 8345 at around 2.25 pm. The index closed the day at around day low levels of 8253 down 78 points or 0.93 percent.

On Tuesday (21-1-2020) Nifty Auto Index opened with a gap down of 27 points at 8320 levels and touched a high of 8325 on the second five minute candle which also turned out to be the highest point of the day. The index could not move past 8325 levels and trended downwards for the rest of the day. The index fell 75 points from day high levels to touch a day low level of 8249 at around 10.55 am. The index consolidated around 8280 levels throughout the afternoon session but moved lower in the late afternoon session to touch a new day low level of 8230 just before the closing bell. The index closed the day at day low levels of 8233 down 116 points or 1.4 percent.

On Wednesday (22-1-2020) Nifty Auto Index opened with a gap up of 44 points at 8279 levels and touched a day high level of 8294 on the first 5 minute candle. The index faced heavy selling pressure in the morning session and fell 147 points non stop from day high levels to touch a day low level of 8147 at around 10.30 am. The index consolidated around 8170 levels for the rest of the day. The index closed the day at 8166 down 65 points or 0.8 percent.

On Thursday (23-1-2020) Nifty Auto Index opened at 8196 levels and touched a day low level of 8147 on the first five minute candle. The index took support at 8150 levels and trended upwards throughout the day. The index rallied 105 points from day low levels to touch a day high level of 8250 at around 1.40 pm. The index closed the day at 8235 up 67 points or 0.82 percent.

On Friday (24-1-2020) Nifty Auto Index opened at 8246 levels and touched a day low of 8236 on on the first 5 minute candle which also turned out to be the lowest point of the day. The index rallied 87 points non stop from day low levels to touch a day high level of 8324 at around 10.15 am.The index could not move any higher and fell 64 points from day high levels to trade around 8260 levels, The index closed the day at 8281 up 44 points or 0.54 percent.

Nifty Auto Index is trading around crucial support level of 8119 levels. 8430 level is a strong resistance level. If the index crosses this resistance level the index can extend its rally towards 8689 levels.

The highest gainer in the Nifty Auto Index during the week was Exide gaining about 4 percent and the biggest loser was Maruti down 5.6 percent during the week

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