EquityPandit’s Outlook for NIFTY Auto for the week (April 27, 2020 – April 30, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 291.65 Points 5.14%.

Weekly High: 5,728.45

Weekly Low: 5,243.60

Weekly Close: 5,377.25

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 5200 levels, whereas minor resistance on the upside is capped around 5550-5600 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 4800 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 5900.

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 4900 on downside and 5800 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 5,934

RESISTANCE 1: 5,655

SUPPORT 1: 5,171

SUPPORT 2: 4,964