EquityPandit’s Outlook for NIFTY Auto for the week (May 4, 2020 – May 8, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 524.15 Points 9.75%.

Weekly High: 5,926.50

Weekly Low: 5,399.3

Weekly Close: 5,901.40

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 5600 levels, whereas minor resistance on the upside is capped around 6250-6300 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 5200 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 6500.

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 5400 on downside and 6400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 6,269

RESISTANCE 1: 6,085

SUPPORT 1: 5,558

SUPPORT 2: 5,215