NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY AUTO Index closed the week on positive note gaining 197.85 points 1.92%.

Weekly High: 10,573.95

Weekly Low: 10,299.25

Weekly Close: 10,510.25

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened tad higher and traded choppy in early part of the week. Index extended gain in later half tracking strength in broader indices. Index witnessed profit booking at fag end of the week. Index shows inherent weakness during the week and likely to correct going forward if broader market remain resilient. 

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10350 levels, whereas minor resistance on the upside is capped around 10600-10650 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 10100 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 10900.

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 10200 on downside and 10800 on upside.