NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY AUTO Index closed the week on negative note losing 212 points 2.16%.

Weekly High: 9,738.10

Weekly Low: 9,395.25

Weekly Close: 9,596.95

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened gap down tracking broader weakness in opening session. Index took rebound from its support zone and attempted to recoup losses in mid week. Though rally was short lived and index gave up at fag end of the week. We expect index likely to continue its sideways corrective action.

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9400 levels, whereas minor resistance on the upside is capped around 9750-9800 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 9100 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 10000.

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 9200 on downside and 9900 on upside.