NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY AUTO Index closed the week on negative note losing 415 points 4.07%.

Weekly High: 10,265

Weekly Low: 9,605.05

Weekly Close: 9,771.50

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened flat and witnessed short covering bout in early part of the week. Index faced strong selling pressure in mid week tracking broader weakness. Index pared losses at fag end of the weak and ended on negative note. We expect index likely to continue its down trend momentum indicator also trending down. 

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9500 levels, whereas minor resistance on the upside is capped around 9950-10000 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 9300 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 9400 on downside and 10200 on upside.