NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY AUTO Index closed the week on negative note losing 99.65 points 0.99%.

Weekly High: 10,083.30

Weekly Low: 9,688.40

Weekly Close: 9,922.95

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened gap down and dragged in opening session of the week. Index took rebound from its support zone and made fresh week’s high in mid week. Index gave up gain at fag end of the week and ended on negative note. We expect index likely to continue its sideways corrective action going forward. 

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9750 levels, whereas minor resistance on the upside is capped around 10050-10100 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 9500 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 10300.

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 9600 on downside and 10200 on upside.