EquityPandit’s Outlook for NIFTY Auto for the week (April 13, 2020 – April 17, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 1057.35 Points 23.40%.

Weekly High: 5,607.35

Weekly Low: 4,656.50

Weekly Close: 5,568.45

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 5000 levels, whereas minor resistance on the upside is capped around 5900-5950 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 4600 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 6400.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 4700 on downside and 6400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 6,228

RESISTANCE 1: 5,898

SUPPORT 1: 4,947

SUPPORT 2: 4,326