EquityPandit’s Outlook for NIFTY Auto for the week (April 6, 2020 – April 10, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 420.95 Points 8.52%.

Weekly High: 4,848

Weekly Low: 4,511.10

Weekly Close: 4,517.75

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 4300 levels, whereas minor resistance on the upside is capped around 4750-4800 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 4100 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 5100.

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 4100 on downside and 4900 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 4,962

RESISTANCE 1: 4,740

SUPPORT 1: 4,403

SUPPORT 2: 4,288